Allan Norman

2 days 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?

3 weeks 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.

2 months ago | 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.

Jan 13, 2025 | moneysense.ca | Allan Norman

Ask a Planner To have liquidity and reduce taxes, Canadians can move money between registered accounts. But what are the tax, contribution room and other implications? My husband and I are retired with $200,000 in our TFSAs, $230,000 in our RRSPs and RRIFs, and we have an emergency fund. Our household income is $85,000 a year. My husband may need nursing home care at some point, so I have been moving assets from the RRSPs to our TFSAs for flexibility.

Jul 23, 2024 | moneysense.ca | Allan Norman

Life Insurance Borrowing against a policy’s cash value can provide tax-free income. But there are still costs involved and other factors for retirees to consider. I am retired from my company, where I am the sole owner. Thirty years ago, the company bought a whole life insurance policy with the expectation of an annual tax-free dividend.