MoneySense

MoneySense is a Canadian magazine focused on personal finance and lifestyle topics, published by Rogers Publishing Limited, which is part of Rogers Communications. The print version of the magazine will cease at the end of 2016. Starting in January 2017, it will be available exclusively online.

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Should I draw down my RRIF to avoid estate taxes?

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?
Can you make RRSP contributions after age 71?

3 days ago | moneysense.ca | Jason Heath

Your RRSP contribution limit after 71I can understand your confusion, Bob, because you and your wife have converted your RRSPs to registered retirement income funds (RRIFs). An RRSP account holder needs to do this by no later than December 31 of the year they turn 71.
How to make sure you have enough money to fund your RRIF withdrawals

1 week ago | moneysense.ca | Jonathan Chevreau

However, Allan Small, senior investment advisor with the Allan Small Financial Group, has a different view. “Obviously [you] have to make sure that there’s enough money in the portfolio that’s liquid to make the payment,” says Small. “I don’t believe in setting aside a bunch of money, which has to sit there so you can take the RRIF payments from it. I believe in investing as much as possible to take advantage of the market’s upswing—especially [those] over the last few years.
2024 tax-filing extensions: What you need to know

1 week ago | moneysense.ca | Jason Heath

Ask a Planner There are several personal, trust and corporate income-tax-filing extensions for Canadians this year. Which ones apply to you? Canadian personal T1 tax returns are generally due by April 30. There are a couple of extensions that apply every year, but there are also a few specifically for this spring 2025 tax season. T3 trust tax returns are normally due by March 31.
Rental income and taxes: What’s new for Canadian property owners in 2025

1 week ago | moneysense.ca | Evelyn Jacks

Income Properties Whether you have renters in your home or another property, know that the money you make can affect your income tax return. Here’s how to stay on the right side of the CRA. Canadians love their real estate and they love renting their properties to make some extra money. However, that comes with some tax audit risk and the need to stay in the know of current tax law.
The best secured credit cards in Canada for 2025

1 week ago | moneysense.ca | Sandra MacGregor

Why trust usMoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings of major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners. These are the best secured credit cards in Canada, as chosen by MoneySense editors.
Do you need one of Porter Airlines’ new BMO credit cards?

2 weeks ago | moneysense.ca | Sandra MacGregor

Are the Porter BMO credit card perks worth it? Touted as the “first and only travel credit card program in Canada that grants immediate frequent flyer benefits,” the cards automatically give users access to Avid Traveller status benefits (an Avid Traveller is anyone who reaches one of four membership levels within Porter’s loyalty program). And unlike Air Canada’s Aeroplan and WestJet’s WestJet Rewards programs, you don’t need to reach a minimum spend or fly a set number of miles.
5 inexpensive travel destinations while the Canadian dollar is weak

2 weeks ago | moneysense.ca | Tammy Burns

Travel If you’re hunting for affordable vacation spots this season, here’s where to go when the loonie is low. With the U.S. markets in flux (and the loonie feeling the blows), Canadians are looking for ways to save. They’re also looking for places to travel besides our southern neighbour. “We’ve seen a lot of the brand value of the U.S. be eroded.
How the federal election affects your finances

2 weeks ago | moneysense.ca | Michael McCullough |Michael Mccullough

News Here’s how proposals from the NDP, Liberals, Conservatives and Green Party could affect your cash flow—and maybe help decide your vote. Get updates here. Canada goes to the polls on Monday, April 28. Not surprisingly, economic issues dominate this year’s federal election campaign. Whether it’s responding to U.S. tariffs, reframing climate policy or dealing with unaffordable housing, the major parties and candidates are focused on Canadians’ bread and butter.
Should you set up a corporation with friends to invest?

2 weeks ago | moneysense.ca | Jason Heath

Ask a Planner What to consider when deciding to incorporate a company with friends to buy real estate and more. With a group of 10 friends, we are planning to create a corporation or holdco to purchase real estate property. We are planning to put together $150,000 in the corporation’s name and operate. The corporation will also generate revenue streams through vending machines, ATM machines, and stuff like that.