Advertisement
Rules regarding pension, RRSP contributions and RRIF withdrawals should change with the times, says think tank report.
A Canadian think tank is calling on the federal government to amend rules regarding the age at which contributions to RRSPs and pensions cease and RRIF withdrawals begin.
The CD Howe Institute’s 2011 Shadow Budget makes a case for raising the age of RRSP and pension contributions to 73 from the current 71. The commencement of withdrawals from Registered Retirement Income Funds (RRIFs) should also be raised to 73, and then indexed thereafter to improvements in life expectancy, say the report’s authors.
In addition, they call for mandated minimum annual RRIF drawdowns to be reduced, thereby increasing the amount of tax-deferred reinvestment available to seniors who want to lower their risk of outliving their money.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Here’s how to get your free ticket to attend two MoneyShow virtual expos.
If you’re one of the many Canadians looking for Black Friday and Cyber Monday discounts, here’s how to know...
A new Desjardins report predicts rent inflation will slow in the next few years.
High demand has made it challenging to get tickets for Taylor Swift and other big artists in Canada, and...
The oilsands giant will return all excess cash to shareholders after hitting debt target early.
Shopify reports third-quarter net income of USD$828 million, and its executives aren’t concerned about how Trump’s election win will...
Experts say Donald Trump’s promised policies risk higher inflation and could weigh on the Canadian dollar.
The U.S. election made the market go up—for now. Is volatility keeping you up at night? Here are some...
Get rich quick or risky business? Options trading is accessible but not for everyone.
The former U.S. president’s second election victory sparks concerns over a ripple effect on the Canadian economy.