Allan Norman

1 month ago | moneysense.ca | Allan Norman

Ask MoneySense The benefits of depleting savings to avoid estate taxes depends on many variables. But if you live a decade or more, you likely want your money to grow. My wife is currently drawing $24,000 per year from her RRIF, which has a balance of $510,000. She is also receiving OAS, CPP and a work pension of $22,000. She is 67. My question is if it would be prudent to start making larger withdrawals to try and reduce the tax that the estate will pay.

1 month ago | financialpost.com | Julie Cazzin |Allan Norman

Advertisement 1FP Answers: One thing to consider is to maximize your RRSP and then use the tax refund to top up your TFSAArticle contentQ. I’m a 58-year-old surgical nurse retiring in July. My retirement pension will be roughly $55,000 annually and it will start paying out in September. I have $48,000 in unused registered retirement savings plan (RRSP) contribution room. Should I max out my contributions on my 2025 taxes? I have enough saved to do so.

2 months ago | moneysense.ca | Allan Norman

Ask MoneySense Yes, your estate will pay a high rate of tax on your RRIF when you die. But it usually pays to keep the account intact and benefit from tax-free compounding if you can. Ask MoneySenseIs it a good idea to withdraw more money monthly than one needs from one’s RRIF? What about beginning a regularly automated transfer of this extra money to one’s non-registered investments so that there is less money in the RRIF account upon death?

2 months ago | moneysense.ca | Allan Norman

Ask a Planner There’s more than one way to optimize your income after retiring. Some strategies can boost wealth, and others may leave a bigger estate for your heirs. Ask MoneySenseDo you have any tips for withdrawing from an RRSP? Some background: My spouse and I are debt-free and mortgage-free. We own our home (current value approximately $1 million). We are hesitant to downsize as this home is accessible for me.

Feb 4, 2025 | moneysense.ca | Allan Norman

Ask a Planner To minimize taxes and maximize benefits, learn the difference between deductions, credits and other forms of tax relief by reading through your tax return. Appreciate your article on OAS (Old Age Security). Can you tell me how net income is calculated? For example, if I have $100,000 in pension income and $30,000 was deducted for income tax, is my net income $70,000? —KevinI like your definition of net income, Kevin. It sounds logical.