Creating an income stream when your RRSP matures

Three basic RRSP maturity options

Unlike a Tax-Free Savings Account (TFSA), a Registered Retirement Savings Plan (RRSP) does not last forever. In fact, it has a specific date by which you must collapse the plan and choose one of three main options for what to do with the proceeds. Here’s a look at how this works. READ MORE

Important information about RRSP maturity options

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You must act by Dec. 31!

If you turned 71 this year, and you still have an RRSP, you have until Dec. 31 this year to convert it into another type of tax-sheltered plan. If you don’t, the Canada Revenue Agency can take away up to half of whatever is in your RRSP. Here’s what you absolutely need to know about RRSP maturity options. READ MORE

What to do when you have to collapse your RRSP

Three ways to use your funds – and how they work

Gen-Xers, Gen-Yers, and Millennials should all have RRSPs. Sadly, most do not. The smart ones do, and are taking advantage of the powerful long-term compounding and tax-sheltering benefits of this wonderful retirement plan. Because one day you will retire. Just ask the Baby-Boomers, who are retiring in droves right now. The smart ones of that generation opened up RRSPs early, and many of those with 30 or 35 years of contributions are sitting on RRSP nest-eggs worth a million bucks or more. The big question for them is what to do with that pot of gold now. READ MORE