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Your daily horoscope: December 1, 2025

  IF TODAY IS YOUR BIRTHDAY The breakthrough you have been dreaming of and hoping for is on the horizon and if you are ready to take advantage of it there will be no stopping you this year. You were born to be someone very special, so live up to your cosmic billing. ARIES (March 21 - April 20): You may have been acting a little bit crazy lately but there is a method to your madness. You figure if you can keep your rivals off-balance they will be less likely to oppose you. A little fear can be made to go a long way. TAURUS (April 21 - May 21): Resist the urge to take chances with your money. The approaching full moon could make you a bit reckless over the next few days, so resolve right now to keep your cash in your pocket. You don’t need another shiny toy to add to your collection. GEMINI (May 22 - June 21): You won’t always be thinking logically between now and Thursday’s full moon, so whenever there is an important decision to be made get some input from people you trust. They ma...
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Maximizing Retirement Savings: The RRSP to RRIF Transition

 


As retirement approaches, a key financial decision for Canadians is whether to maximize contributions to a Registered Retirement Savings Plan (RRSP) before converting it into a Registered Retirement Income Fund (RRIF). Here are the essential considerations:

  • Timing and Tax Benefits: Contributing to your RRSP can provide immediate tax deductions and allow your investments to grow tax-deferred. However, it’s crucial to evaluate whether these tax benefits align with your retirement timeline and income needs.

  • Conversion Deadline: You must convert your RRSP to a RRIF by December 31 of the year you turn 71. This transition is mandatory and marks the shift from accumulating savings to withdrawing income.

  • Withdrawal Strategies: RRIFs require minimum annual withdrawals, which increase with age. Deciding whether to withdraw only the minimum or more depends on your income needs and tax implications.

  • Long-term Financial Planning: Consider your overall retirement strategy, including other income sources like pensions and government benefits. A financial advisor can help tailor your RRSP contributions and RRIF withdrawals to your unique situation.

In conclusion, maximizing your RRSP before conversion can be advantageous, but it should be part of a broader retirement planning process that takes into account your financial goals and tax situation.

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