Saving & retirement
TFSA room, FHSA deadlines, RRSP deductions and retirement income. Follow the different rules before moving money between accounts.
Saving & retirement
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Saving & retirement 2 min
Before withdrawing from a spousal RRSP, check three calendar years
Recent contributions can cause a spousal RRSP withdrawal to be taxed to the contributor rather than entirely to the account holder.
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A better TFSA rate does not require a trip through chequing
Ask for a direct TFSA transfer when changing institutions so a withdrawal and redeposit do not accidentally use contribution room.
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A TFSA excess can cost tax even if it lasts only a few days
Find the highest excess in each affected month, stop further excess deposits and check the separate TFSA return.
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