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Tragedy on Libya’s Coast as Migrant Bodies Wash Ashore

  FILE PHOTO: Migrants aboard an overcrowded boat are approached by the crew of the migrant search and rescue ship Sea-Watch 5, operated by the German NGO Sea-Watch, during a rescue operation in the Search and Rescue (SAR) zone in the central Mediterranean, off Libya. At least five migrants, including two women, were found washed ashore in the coastal town of Qasr al-Akhyar, east of Libya’s capital, Tripoli. Local police reported that the bodies were discovered along the Emhamid Al-Sharif shore, a location where residents first spotted them and alerted authorities.  According to police investigator Hassan Al-Ghawil, a child’s body had also briefly washed ashore but was pulled back into the sea by strong waves, prompting the coast guard to continue searching the area. All of the recovered individuals were described as dark‑skinned, underscoring the ongoing dangers faced by migrants attempting perilous Mediterranean crossings.  The incident highlights the persistent huma...
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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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