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
Income splitting is a tax-saving strategy that divides a stream of income between family members (usually two spouses). The goal is to apportion as much of the higher-earning family member’s income to other family members, in an effort to get that higher-earning spouse into a lower tax bracket. Some economists and policy wonks have made the argument that income taxation should be applied to the family unit as a whole, and thus negate the need for fancy income splitting accounting altogether...| Million Dollar Journey