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CHIP Reverse Mortgage: Resources to Help You Make the Right Decision

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Retirement Planning

senior-couple-meeting-with-financial-planner

While RRSPs are undoubtedly a popular retirement savings vehicle for many Canadians (around two-thirds of us have one) many people are confused about how they work. As many as 30% of Canadians don’t understand RRSP tax rules, and 27% don’t know the difference between an RRSP and a tax-free savings account. So, what is an RRSP, how does an RRSP work, what happens when you withdraw from an RRSP, and what should you know about RRSP withholding tax (also known as RRSP withdrawal tax)?

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senior-couple-looking-over-pension-payment

CPP is a monthly, taxable benefit that all Canadians are entitled to regardless of how many years they have worked. To qualify for CPP payments, you must be at least 60 years old and have made one “valid contribution”. “Valid contributions” can be contributions to CPP from work that you were paid for in Canada, or they can be the result of receiving CPP contribution credits from a former spouse or a former common-law partner.

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Senior Asian couple filling out a Guaranteed Income Supplement (GIS)

What is GIS in Canada for? It is designed to help Canadian retirees who have a low income. Retirees who qualify for GIS in Canada receive their first payment the first month after their 65th birthday. The OAS and Guaranteed Income Supplement in Canada are closely connected: you won’t receive any GIS in Canada if you don’t also receive OAS.

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Senior man working on a laptop for RRIF withdrawal

Inheritance tax in Canada does not exist as such, nor is there Canadian inheritance tax on property, however some taxes usually have to be paid when someone passes away. So, is inheritance taxable in Canada? It can be, but it is not the heirs who will pay it. Let’s take a closer look at Canadian inheritance tax law.

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Thoughtful middle aged senior woman reviewing inheritance tax document

Inheritance tax in Canada does not exist as such, nor is there Canadian inheritance tax on property, however some taxes usually have to be paid when someone passes away. So, is inheritance taxable in Canada? It can be, but it is not the heirs who will pay it. Let’s take a closer look at Canadian inheritance tax law.

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Happy Senior Spouses looking at Bills on Laptop

Old Age Security in Canada is a monthly payment that you can start to receive as soon as you turn 65. Like old age pension payments, the money you receive from Old Age Security is taxable. It is designed to provide most pensioners with an amount to cover basic necessities.

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Senior Couple RRSP withdrawal calculator

RRSPs are designed to help you to save for retirement, so you’re not meant to make an RRSP early withdrawal. If you do take an RRSP early withdrawal, RRSP withdrawal rules mean you could end up paying an RRSP withdrawal penalty, which we will explore in this article, as well as how to withdraw RRSP investments.

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Senior couple RRSP deadline

The Canada RRSP contribution deadline is fast approaching. It’s a time when many people ask, what is the deadline for RRSP contributions in Canada, as they rush to make their final contributions for the tax year. But why is the RRSP deadline such a big deal?

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African American senior couple doing finances RRSP

So, when you’re wondering, what is my RRSP contribution room, you need to know that there is a max RRSP contribution limit and an RRSP deduction limit. The two sound similar but it’s important to understand the difference. If you contribute more than the RRSP contribution limit, you could face big penalties and have to submit time-consuming paperwork.

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How it Works?

How Reverse Mortgages Work

If you're like many other 55+ Canadians, much of what you own fits into two categories - the equity in your home ...

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Reverse Mortgage Videos

Reverse Mortgage Videos

Watch these videos from HomeEquity Bank and learn more about CHIP Reverse Mortgage

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