What is a RRIF? A Registered Retirement Income Fund (RRIF) is a tax-deferred retirement plan under Canadian tax law. Individuals use an RRIF to generate income from the savings accumulated under their Registered Retirement Savings Plan. As with an RRSP, […]
What is LIRA? A Locked-In Retirement Account (LIRA) is designed for holding the commuted funds of a registered pension plan. This event occurs when you decide to retire or leave your employer for any other reason (resignation, layoff etc.). Pension […]
So, What is an RRSP? A RRSP is a retirement savings plan that is registered by the Canadian government, is established by you, and the contributions are made by you or your spouse/common-law partner. Contributions to a RRSP are deductible […]
The Canada Pension Plan (CPP) is a contributory, earnings based social insurance program. It forms one of the two major components of Canada’s public retirement income system, the other component being Old Age Security (OAS). As of September 2017, the […]
The Estate Administration Tax Act, 1998 (“EATA”) is responsible for governing Ontario’s probate laws. To improve the administration of Ontario’s tax system, several measures were implemented in the 2015 Ontario Budget. These changes might not have been taken carefully by […]
Retirement and estate planning can be overwhelming for those brave enough to take it on. Wading through the seemingly endless amount of available information on this subject can be absolutely daunting. Without a fundamental framework in place to help […]