Retirement

Learn about Canadian retirement plans including the RRSP, CPP, OAS, TFSA, workplace pensions, and more.

Latest in Retirement

The Pension Income Tax Credit Explained

The Pension Income Tax Credit Explained

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by Enoch Omololu, MSc (Econ)

The pension income tax credit (PITC) is a non-refundable tax credit that can be claimed on eligible pension income. The tax credit allows seniors to save on taxes payable by …

The Registered Disability Savings Plan (RDSP) Explained

The Registered Disability Savings Plan (RDSP) Explained

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by Enoch Omololu, MSc (Econ)

The Registered Disability Savings Plan (RDSP) is a savings program designed by the Canadian government to assist people with disabilities. The RDSP was implemented in 2008 and was the first …

CPP and OAS Benefits for Surviving Spouse and Children (2022)

CPP and OAS Benefits for Surviving Spouse and Children (2022)

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by Enoch Omololu, MSc (Econ)

What retirement benefits are available to survivors after the death of a spouse, common-law partner, or parent? If the deceased contributed to the Canada Pension Plan (CPP), survivors may qualify …

10 Ways To Minimize the Old Age Security (OAS) Clawback

10 Ways To Minimize the Old Age Security (OAS) Clawback

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by Enoch Omololu, MSc (Econ)

The Old Age Security (OAS) pension is a taxable monthly payment from the Government of Canada to eligible seniors who are 65 years of age or older. Here are the …

RRSP Over-Contribution: What are the Penalties?

RRSP Over-Contribution: What are the Penalties?

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by Enoch Omololu, MSc (Econ)

If you have been contributing to your RRSP and building up your retirement nest egg, good for you! You are on the right track. To ensure that you keep all …

Should I Consider An RRSP Loan?

Should I Consider An RRSP Loan?

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by Enoch Omololu, MSc (Econ)

I’m sure you have heard people talk about the so-called “RRSP Season” that ends on March 1, 2022. I was a part of that conversation in my article on how …

TFSA vs RRSP: Differences Between the TFSA and RRSP in 2022

TFSA vs RRSP: Differences Between the TFSA and RRSP in 2022

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by Enoch Omololu, MSc (Econ)

The debate regarding TFSAs vs. RRSPs and which one is better has always been a hot topic. Although both are considered excellent savings and investing accounts, sometimes, individuals would like …

Defined Benefit vs Defined Contribution Pension Plans in Canada

Defined Benefit vs Defined Contribution Pension Plans in Canada

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by Enoch Omololu, MSc (Econ)

There are two main types of registered pension plans in Canada – the Defined Benefit Pension Plan (DBPP) and Defined Contribution Pension Plan (DCPP). A brief definition of both plans …

Group RRSP – Don’t Leave Money On The Table

Group RRSP – Don’t Leave Money On The Table

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by Enoch Omololu, MSc (Econ)

A Group RRSP is simply a collection of individual RRSP accounts managed on a group basis by an employer. Like an individual RRSP, the group RRSP offers tax-deductible contributions and …

What Is An RRSP (Registered Retirement Savings Plan)?

What Is An RRSP (Registered Retirement Savings Plan)?

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by Enoch Omololu, MSc (Econ)

The Registered Retirement Savings Plan (RRSP) is a personal savings plan that is registered with the Federal Government and which allows you to save for your retirement. It was first …