FAQs

Home » FAQs

Which is better – RRSP or TFSA?

By |2020-03-11T13:18:56-04:00December 16th, 2019|

This is a very common question because the two programs have many similarities, but also a few key differences. Here are the primary differences between the accounts: As for which one is best for you, here are the three [...]

What is OAS?

By |2020-01-06T16:38:47-05:00December 16th, 2019|

Old Age Security or OAS is a supplementary income program for Canadian residents ages 65 and older with moderate or low individual income. Unlike CPP, its eligibility is based only on years of Canadian residence, not employment income. OAS [...]

What is CPP?

By |2020-01-06T09:43:50-05:00December 16th, 2019|

Canada Pension Plan or CPP refers to the government run pension for Canadians who have earned employment income throughout their careers. Most people who have worked for many years in Canada, or a country with a social security agreement, can [...]

What is an RESP?

By |2020-01-07T15:11:15-05:00December 16th, 2019|

A Registered Education Savings Plan is the primary tool available to Canadians to help them save for education expenses. An RESP is most commonly used for the benefit of children or grandchildren, though they can be used for anyone, including [...]

What is a RRIF?

By |2019-12-18T14:24:23-05:00August 4th, 2019|

A Registered Retirement Income Fund (RRIF) is the second stage in an RRSP’s lifetime, during which the holder must withdraw a minimum amount from the account annually. An RRSP can be turned into a RRIF at any time, but it [...]

How does OAS clawback work?

By |2019-12-18T14:27:33-05:00June 12th, 2019|

If you have begun taking Old Age Security (OAS) payments, and your individual net income is over $75,910, then some of your OAS payments will be clawed back at year end. For every dollar of individual net income above $75,910, [...]

What is an RRSP?

By |2020-01-07T15:00:51-05:00June 10th, 2019|

A Registered Retirement Savings Plan is a type of account available to Canadians to help them save for retirement. Each Canadian who earns income receives contribution room of up to 18% of your earned income from the previous year, reduced [...]

What is a TFSA?

By |2019-12-20T15:27:50-05:00June 10th, 2019|

A Tax-Free Savings account is a type of account available to Canadians to help them save for retirement, a major purchase, or any other goal. Each Canadian resident age 18 or over receives contribution room annually that can be used [...]