As the deadline for registered retirement savings plan (RRSP) contributions approaches, one tax expert says it is possible for Canadians to have too much of their savings in a RRSP.
John Yanchus, director of tax and estate planning at Canada Life Assurance Company, said residents need to remember that when they withdraw funds, the payments are “fully taxable.”
“So if you have a large pool of money, it can end up into a larger tax consequence at the end of time,” Yanchus said in an interview on Wednesday.
Your Money Month: BNN Bloomberg on how to better manage your finances
As a result, Yanchus said he recommends that people diversify their savings and make sure they take their marginal tax rate into consideration.
The RRSP contribution deadline is Mar. 1, 2023.
Watch the video above for more advice.
A person who was on fire in a park outside the New York courthouse where Donald Trump’s hush money trial is taking place has been rushed away on a stretcher.
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
Scottish comedian Samantha Hannah was working on a comedy show about finding a husband when Toby Hunter came into her life. What happened next surprised them both.
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
Police in Sault Ste. Marie charged a 22-year-old man with animal cruelty following an attack on a dog Thursday morning.
The Senate legal affairs committee has rejected a motion calling for members to take a $50,000 field trip to the African Lion Safari in southern Ontario to see the zoo's elephant exhibit.
Ontario Provincial Police have landed a suspect following a fishy theft in Beachburg, Ont.
Group of Seven foreign ministers warned of new sanctions against Iran on Friday for its drone and missile attack on Israel, and urged both sides to avoid an escalation of the conflict.
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
A family trip took a frightening turn for Christopher Won when he was diagnosed with flesh-eating disease while in Hong Kong and now, after weeks of treatment overseas, the Vancouver firefighter is back home recovering.
Several Nova Scotia groups that assist women are speaking out against comments on domestic violence by Justice Minister Brad Johns, and at least one is calling for his dismissal.
Police have released video footage of a dramatic takedown of a group of teens wanted in connection with an attempted carjacking in Markham earlier this month.
A large seine fishing vessel capable of casting a net strong enough to hold a nearly 700-kilogram killer whale calf has arrived in Zeballos, B.C., to participate in the latest attempt to rescue the young orca stranded in a remote tidal lagoon.
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
Israel and Iran on Friday both played down an apparent Israeli airstrike near a major air base and nuclear site in central Iran, signalling the two bitter enemies are ready to prevent their latest eruption of violence from escalating into a full-blown regional war.
A full jury of 12 people and six alternates was seated Friday in Donald Trump's hush money case, setting the stage for opening statements next week in the first criminal trial of a former U.S. president.
Group of Seven foreign ministers warned of new sanctions against Iran on Friday for its drone and missile attack on Israel, and urged both sides to avoid an escalation of the conflict.
Armenia has agreed to return to Azerbaijan four villages situated on their shared border, Azerbaijani Foreign Ministry spokesperson Aykhan Hajizada said on Friday.
Three people have died in the United Arab Emirates as a result of heavy flooding caused by record-setting rains this week, officials said Friday.
A person who was on fire in a park outside the New York courthouse where Donald Trump’s hush money trial is taking place has been rushed away on a stretcher.
Canada's premiers are warning the federal government not to overreach into their jurisdictions when it comes to delivering the programs laid out in Ottawa's latest budget.
Canada called for 'all parties' to de-escalate rising tensions in the Mideast following an apparent Israeli drone attack against Iran overnight.
Canadian banks that refuse to identify the carbon rebate by name when doing direct deposits are forcing the government to change the law to make them do it, says Environment Minister Steven Guilbeault.
The World Health Organization is likely to issue a wider warning about contaminated Johnson and Johnson-made children's cough syrup found in Nigeria last week, it said in an email.
The Canadian Food Inspection Agency is encouraging veterinarians to keep an eye out for signs of avian influenza in dairy cattle following recent discoveries of cases of the disease in U.S. cow herds.
The World Health Organization and around 500 experts have agreed for the first time on what it means for a disease to spread through the air, in a bid to avoid the confusion early in the COVID-19 pandemic that some scientists have said cost lives.
Olympic organizers unveiled their strategy Friday to use artificial intelligence in sports, joining the global rush to capitalize on the rapidly advancing technology.
An ancient giant snake in India might have been longer than a school bus and weighed a tonne, researchers reported Thursday.
New archeological investigations in Guatemala reveal that the ancient Maya people had a ritual of burning royal human remains as a public display of political regime change.
She's the title character of 'Bluey,' a kids' program consisting of seven-minute episodes that have enraptured children and adults alike. This week's release of its longest episode yet — at a whopping 28 minutes — prompted an outpouring of appreciation for the show, even from those who are neither toddler nor parent.
During a guest appearance on 'Jimmy Kimmel Live,' Nick Offerman told a story from years ago he said his parents didn't know: he once spent a night in jail.
On Friday, the pop star released her 11th album and at 2 a.m. Eastern, she released "The Tortured Poets Department: The Anthology," featuring 15 additional songs.
Netflix shares fell on Friday, as its surprise move to stop sharing subscriber additions and average revenue per member from 2025 sowed doubts in investor minds about growth peaking in some markets for the streaming pioneer.
The Body Shop Canada is exploring a sale as it struggles to get its hands on enough inventory to keep up with "robust" sales after announcing it would file for creditor protection and close 33 stores.
Booming sales of cold drinks at Starbucks have created a problem: growing amounts of plastic waste from the single-use cups that Frappuccinos, Refreshers, cold brews and other iced drinks are served in.
Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.
In this season of the podcast Chasing Life With Dr. Sanjay Gupta, CNN’s chief medical correspondent has explored the topic of weight: what it really tells you about your health, why it’s so hard to lose, how the new diet drugs work and its links to menopause (you can listen to the episodes here).
Every good wedding has to have one teensy, tiny crisis.
The U.S.’s Federal Aviation Administration is investigating a video that appears to show unauthorized personnel in the cockpit of a charted Colorado Rockies flight to Toronto.
Eight of Formula One legend Michael Schumacher's luxury and personalized watches are going up for auction – and they could sell for more than US$4.8 million in total.
'Brave is unbeatable' is the theme for Canada's Olympic team competing in Paris this summer.
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
Tesla is recalling 3,878 of its 2024 Cybertrucks after it discovered that the accelerator pedal can become stuck, potentially causing the vehicle to accelerate unintentionally and increase the risk of a crash.
A driver from London will have to find alternative transportation after an OPP officer clocked them travelling nearly 200 km/h on Highway 401 over the weekend.
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.
Molly Knight, a grade four student in Nova Scotia, noticed her school library did not have many books on female athletes, so she started her own book drive in hopes of changing that.
Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.
When Les Robertson was walking home from the gym in North Vancouver's Lower Lonsdale neighbourhood three weeks ago, he did a double take. Standing near a burrow it had dug in a vacant lot near East 1st Street and St. Georges Avenue was a yellow-bellied marmot.
A moulting seal who was relocated after drawing daily crowds of onlookers in Greater Victoria has made a surprise return, after what officials described as an 'astonishing' six-day journey.
Just steps from Parliament Hill is a barber shop that for the last 100 years has catered to everyone from prime ministers to tourists.
A high score on a Foo Fighters pinball machine has Edmonton player Dave Formenti on a high.
A compound used to treat sour gas that's been linked to fertility issues in cattle has been found throughout groundwater in the Prairies, according to a new study.
A family trip took a frightening turn for Christopher Won when he was diagnosed with flesh-eating disease while in Hong Kong and now, after weeks of treatment overseas, the Vancouver firefighter is back home recovering.
A woman is dead and police are searching for a suspect driver after a hit-and-run crash in Duncan, B.C.
The British Columbia government has called for a coroner's inquest into the death of a 35-year-old Kamloops man who was killed in a shootout with police nearly six years ago.
Ontario Registered Early Childhood Educators (RECEs) are still waiting for their promised 2024 wage increases and advocates say the delay is causing stress for workers.
The U.S.’s Federal Aviation Administration is investigating a video that appears to show unauthorized personnel in the cockpit of a charted Colorado Rockies flight to Toronto.
Police have released video footage of a dramatic takedown of a group of teens wanted in connection with an attempted carjacking in Markham earlier this month.
More than three dozen of Alberta's largest water users have agreed with a provincial plan to cut back on water usage this year ahead of a severe drought expected this summer.
A Canmore man faces multiple charges in relation to breaking into the same home twice.
Mounties say a 32-year-old Medicine Hat woman has been charged in connection with the theft of $60,000 from the Redcliff Legion.
Ontario Provincial Police have landed a suspect following a fishy theft in Beachburg, Ont.
Time could soon run out on free on-street parking in Ottawa's Westboro, Wellington West and Hintonburg neighbourhoods.
Ontario Provincial Police are reminding people that it is illegal to fly a drone over traffic collision sites, after drone footage captured over a fatal crash on Hwy. 417 in Ottawa appeared online.
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
A 39-year-old woman was sent to hospital with serious injuries after police say she was stabbed inside a motel room in Montreal's west end Friday morning.
The City of Montreal has unveiled its plans to convert the Namur-Hippodrome area into a carbon-neutral district focusing on social housing, public transportation and greenery.
The National Hockey League has confirmed the schedule for the first four Edmonton Oilers playoff games.
More than three dozen of Alberta's largest water users have agreed with a provincial plan to cut back on water usage this year ahead of a severe drought expected this summer.
Occupational Health and Safety (OHS) is investigating after a worker fell to their death earlier this week.
The RCMP says a 'dangerous man' with a firearm in Bible Hill, N.S., is in custody Friday morning.
Gary Crossman, New Brunswick’s minister of environment and climate change, is resigning from Blaine Higgs’ Progressive Conservative cabinet immediately.
CTV Atlantic meteorologist Kalin Mitchell says a large part of the Maritimes should have ideal viewing conditions for the Lyrid meteor shower Sunday overnight into Monday morning.
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
The Winnipeg Jets have released its first round playoff schedule.
Tiber River, a shop that sells natural body care products, is ceasing operations.
Following two full weeks of proceedings, a Regina judge ordered a 12 person jury to deliberate their decision for Michael Gordon Jackson.
Fifteen youth from a variety of backgrounds are taking on the monumental task of creating and performing a live radio broadcast with on seven days to prepare. The goal of the project is to get more youth excited about journalism.
SaskPower says it will be investing $13.5 million in an effort to improve downtown Regina's electrical grid.
Two Kitchener-Waterloo music organizations have placed an employee on a leave of absence after he was charged in a historical sexual assault investigation.
Ontario NDP leader Marit Stiles is in Wilmot Township today railing against a plan to turn 770-acres of farmland into an industrial site.
A property management company in Fergus is still cleaning up after they say a tenant trashed one of their units and refused to pay rent -- and they say it's not the only similar case they've dealt with recently.
Carlyle King Library remains closed following an incident on Monday where an employee was assaulted by two teen girls.
The Saskatoon Police Service (SPS) is dedicating three officers to a specialized unit to help curb crime in the Pleasant Hill neighbourhood.
A new dental hygienist degree program is launching at the University of Saskatchewan (U of S) in September to help meet a growing demand for oral health specialists.
Police in Sault Ste. Marie charged a 22-year-old man with animal cruelty following an attack on a dog Thursday morning.
A person who was on fire in a park outside the New York courthouse where Donald Trump’s hush money trial is taking place has been rushed away on a stretcher.
One person has died as the result of a single-vehicle crash at a northern Ontario business on Highway 17 on Thursday afternoon, police say.
The $80-million agreement announced Friday is said to include monetary compensation and infrastructure to grow industrial and residential tax bases.
Police in Hanover and Saugeen Shores have made an arrest after a citizen recognized a stolen vehicle from a social media post.
London police have charged a man from Manitoba with human trafficking-related charges. Police in the 600 block of Wellington Rd. near Wilkins Street when they saw a vehicle with stolen plates in a parking lot.
Person airlifted to Toronto after a rollover on Highway 400 Friday morning.
Barrie police Insp. Valarie Gates testified in the preliminary hearing for suspended Sgt. Bruce Gardiner, who stands charged with extortion and criminal harassment.
Police are hoping to identify the person(s) who allegedly broke into a Barrie home and caused extensive water damage.
Windsor police have charged a 21-year-old man with stunt driving following a collision at a commercial property.
An investigation is underway after a body was pulled from the Detroit River.
Windsor police are investigating a threat at a Walkerville high school.
A woman is dead and police are searching for a suspect driver after a hit-and-run crash in Duncan, B.C.
British Columbia's police watchdog has cleared an off-duty Mountie of wrongdoing after a cyclist suffered serious injuries in a collision with an unmarked police vehicle last month.
The British Columbia government has called for a coroner's inquest into the death of a 35-year-old Kamloops man who was killed in a shootout with police nearly six years ago.
A banana ball python that was stolen from a Kelowna pet store on Saturday has been returned unharmed, Mounties said.
Nurses held a rally Wednesday at a hospital in the B.C. Interior that closed its emergency department more than a dozen times last year due to insufficient staff.
British Columbia is planning to add 240 new units to its complex-care housing program, providing homes for people with mental-health and addictions challenges that overlap with other serious conditions.
Mounties say a 32-year-old Medicine Hat woman has been charged in connection with the theft of $60,000 from the Redcliff Legion.
Three men who helped lead and co-ordinate the 2022 border blockade at Coutts, Alta., have been found guilty of public mischief.
Lethbridge police have arrested a Vermilion, Alta., man in connection with a 'grandparent scam' that took aim at a local senior.
A 43-year-old has been charged in Sault Ste. Marie after police recorded a vehicle being driven at 113 km/h, nearly double the posted speed limit.
Police in Sault Ste. Marie charged a 22-year-old man with animal cruelty following an attack on a dog Thursday morning.
Sault Ste. Marie has received $1,411,083 and Sudbury $1,826,565 from the Ontario Lottery and Gaming Corporation, each city's share of gaming revenue from Jan. 1-March 31.
Technology from the 19th century has been brought out of retirement at a Newfoundland gardening store, as staff look for all the help they can get to fill orders during a busy season.
A Celebrity Apex cruise to the Caribbean this month turned into a rocking Newfoundland kitchen party when hundreds of people from Canada's easternmost province happened to be booked on the same ship.
A pricing agreement has been reached between crab fishers and seafood processors that will allow for Newfoundland and Labrador's annual crab fishery to get started.
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
