One of the main decisions that every Canadian retiree has to make is in regards to at what age they want to convert their RRSP to a RRIF. Consequently, questions such as: What is the maximum age to convert my RRSP to a RRIF? Is there a penalty for not converting my RRSP to a RRIF before 71? Do I pay tax when I rollover my RRSP to RRIF? Are some of the most common ones that we get in regards to retirement planning. Ultimately the RRSP vs RRIF debate comes down to the age of you and your partn...| Million Dollar Journey
If you’ve been following MDJ for a while, you will come to learn that I’m a fan of two investing strategies, index investing and investing for income through Canada’s best dividend stocks. I like index investing (also known as passive investing) for its ease, low cost, and ability to beat most active mutual fund returns over the long term. I use this strategy for: my spousal RRSP; the international portion of my RRSP; and, the education fund (RESP) that I set up for my two kids. Divid...| Million Dollar Journey
You likely already know that investing in an RRSP is one of the best, most tax efficient ways to save for retirement. The good news is that if you or your common-law partner or spouse have unequal incomes, you can open and contribute to a spousal RRSP account. In doing so, you can maximize the benefits of an RRSP account for you and your spouse, no matter if one of you is not earning an income or earning much less. Read on to learn more about how a spousal RRSP account works, what the tax i...| Million Dollar Journey
Detailed guide on CCPC taxation - learn whether you should incorporate your business or not, and how much tax would you pay.| Million Dollar Journey
When I first started writing about Canadian personal finance twenty years ago, my list of the best ETFs in Canada could fit on a napkin. There were no Canadian all-in-one ETFs, no catchy tickers, and definitely no slick marketing campaigns. ETFs were basically niche tools used by hardcore index investors and a handful of spreadsheet-loving DIY types. Fast-forward to today, and the landscape has completely changed. While I still hold a solid chunk of Canadian dividend stocks in my portfolio, l...| Million Dollar Journey
As a former teacher you might think I’d be the last person who would want to learn more about investing in annuities in Canada. But with Rob Carrick over at the Globe and Mail writing about how right now might be the best time to buy Canadian annuities for several years (maybe a decade-plus), I thought it would be be a good time to update our Ultimate Canadian Annuity Guide. Now, it’s common knowledge that teachers enjoy a solid stream of pension income when they reach retirement. In ...| Million Dollar Journey
Picking the best Canadian Dividend Stocks for 2025 isn’t an easy task! After such a stellar year in North American equities in 2025, there is much more room to move down than up. That said, my dividend stocks portfolio is all about long-term cash-flowing companies with large financial moats to protect them. Each month I take a look at the stocks that I highlighted at the beginning of the year, and I focus on the following key dividend stock comparison points: Dividend Yield Dividend Growth ...| Million Dollar Journey