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Showing posts from January, 2017

The White House has provided assurances that Canadians with dual citizenship and permanent residents with a valid residency card and a passport

Federal Immigration Minister Ahmed Hussen said Sunday that the White House has provided assurances that Canadians with dual citizenship and permanent residents with a valid residency card and a passport from their home country will not be turned back at the American border.

Canada’s immigration minister says Canadian permanent residents from seven Muslim-majority countries targeted by a U.S. travel ban can still enter the U.S.

Ahmed Hussen says Canada has been assured by the White House that they can enter the U.S. provided they have a valid Canadian permanent resident card and a passport from one of the seven countries affected.

Dual citizens with a Canadian passport are also allowed into the U.S.

Registered Retirement Income Fund (RRIF)

A Registered Retirement Income Fund (RRIF) is a tax-deferred retirement plan under Canadian tax law. Individuals use an RRIF to generate income from the savings accumulated under their Registered Retirement Savings Plan. As with an RRSP, an RRIF account is registered with the Canada Revenue Agency.

The option exists to convert a RRSP into a RRIF anytime on or before an individual reaches their 71st year. Before the end of the year in which an individual turns 71, it is mandatory to either withdraw all funds from a RRSP plan or convert the RRSP to a RRIF or life annuity. If funds are simply withdrawn from a RRSP, the entire amount is fully taxable as ordinary income; one defers this taxation by transferring investments in a RRSP into a RRIF.

A registered retirement income fund (RRIF) is an arrangement between you and a carrier (an insurance company, a trust company or a bank) that we register. You transfer property to the carrier from an RRSP, a PRPP, an RPP, an SPP, or from another R…