How should this newly retired couple turn their savings into income? Plus: What to know as RRSP reporting measure takes effectExcluding their emergency fund, their asset mix is 2 per cent cash, 16 per cent GICs, 19 per cent fixed income and 63 per cent in equities.At 69, Hank is “moving toward exiting work,” he writes in an e-mail. His wife, Caroline, 64, is no longer working. They have two adult children, 29 and 33, and a mortgage-free house in Toronto.
• How much contribution room do I have for my registered retirement savings plans and tax-free savings accounts in 2024?• When is my next Canada Carbon Rebate, GST tax credit and Canada Child Benefit payment coming, and how much will they be?Carrick has had a My Account for many years and checks it multiple times a year. It’s essential for managing your finances, he adds, and now it’s much easier to set up.
Are you one of these investors? Which stocks or investments resulted in such high returns? The Globe and Mail is looking to hear from Canadians who have large TFSA balances to find out more about how they accomplished the feat.Many Canadians enjoy the perks of employee benefit plans that cover a variety of therapies, medications and procedures, writes Anna Sharratt in this personal finance article.
Medical expenses can be claimed on either spouse’s tax return or split between them. “If both spouses have taxable income, it’s usually better to claim the medical expenses on the return with the lower net income,” says Mayur Gadhia, founder of accounting firm CloudAct in Toronto. In addition, he says, clients can claim medical expenses for eligible dependants.of what constitutes a medical expense, although the list isn’t exhaustive.
The 2022 federal budget, which announced the fair market value reporting requirement for RRSPs and RRIFs, said the information “would assist the Canada Revenue Agency in its risk-assessment activities regarding qualified investments held by RRSPs and RRIFs.”
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