We will now delve into understanding the tax implications of the Registered Retirement Income Fund (RRIF) upon the death of its holder.
Embarking on retirement is a significant phase of life. To prepare effectively, one must be equipped with the right resources.
The prospect of retirement conjures visions of leisure and relaxation. Still, for many, it's a journey into the uncharted – a phase without the well-defined structures of work and daily routines.
While designed to achieve certain goals, Canada's progressive tax system can lead to inefficiencies for couples with significantly different incomes. As retirees, it's essential to explore tax-reduction strategies to maximize your family's financial efficiency.
If an RRSP account was one of the savings vehicles you have taken advantage of to accumulate your retirement nest egg, you should understand how RRIFs work. RRSPs are designed to accumulate savings throughout your working life, and RRIFs are designed to pay income throughout your retirement years.
Intergenerational wealth, on our TV screens at least, conjures images of Succession’s Logan Roy dismissing one of his weasel kids with a sneer and expletive. Roy, the fearsome patriarch, who built his business from nothing, watches in disgust as the heirs to his throne – who do no work of any note - connive and backstab in an effort to win the keys to more money and power.
