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How this couple can build financial resilience in case of unexpected bad news. Plus, a tax-smart plan for RRIF reform that helps the vast majority of retireesIn a year or so, Lars and Tricia will have paid off the mortgage on their Toronto-area house and are wondering where to redirect the cash flow. He is 43 years old, she is 44.
“How much do we need in the RESP if we want to support tuition for both kids?” Tricia asks in an e-mail. “When should we stop contributing?” Spouses, common-law partners as well as relatives, friends and others can be named beneficiary of your TFSA. Your TFSA is tax-free for your beneficiary until the date of death. Gains in the TFSA after that are taxable while they continue to sit in the deceased person’s TFSA until paid to the beneficiary.For anyone thinking of starting their CPP pension soon, this is the time of year when we find out the exact optimal starting date.
The paper suggests exempting people with RRIFs worth up to $200,000 from mandatory annual withdrawals, a threshold that covers roughly nine of 10 RRIF holders. These people typically withdraw at least the minimum each year because they need money for living costs. Eliminating mandatory withdrawals would give them flexibility in how and when to access their money.
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