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.
From London, to Mildmay, Collingwood and St. Thomas, here are some highlights of Friday night and Saturday morning's northern lights display.
A cyclist turned herself in and received a fine after striking a four-year-old girl who was crossing the street to catch a school bus.
For decades, North Bay, Ontario's water supply has harboured chemicals associated with liver and developmental issues, cancer and complications with pregnancy. It's far from the only city with that problem.
The Netherlands' contestant in the Eurovision Song Contest was dramatically expelled from competition hours before Saturday's final of the pan-continental pop competition, which has been rattled by protests over the participation of Israel.
The rolling hills leading to the hamlet of Rosebud are dotted with sprawling farms and cattle pastures -- and a sign sporting a simple message: No Race Track.
In the quiet and leafy Vancouver neighbourhood of South Cambie, best known for its botanical garden, playoff fever is about to set in.
Evan Bouchard scored 5:38 into overtime and the Edmonton Oilers bounced back for a 4-3 win over the Vancouver Canucks in the second round of the Stanley Cup playoffs on Friday.
Biden wants the 2024 election to be a referendum on Trump's record and plans, but he also wants voters to look favourably on his own policies and actions
Irresponsibly using a credit card can land you in financial trouble, but personal finance columnist Christopher Liew says when used properly, it can be a powerful wealth-building tool that can help grow your credit profile and create new opportunities.
The rolling hills leading to the hamlet of Rosebud are dotted with sprawling farms and cattle pastures -- and a sign sporting a simple message: No Race Track.
From London, to Mildmay, Collingwood and St. Thomas, here are some highlights of Friday night and Saturday morning's northern lights display.
A woman in her 20s has died following a shooting that happened in Toronto early Saturday morning, according to police.
When Marvin Henschel spotted a strange and hairless creature wandering through a front lawn in B.C.'s Lower Mainland, he could barely believe his eyes.
Next week, teachers in Saskatchewan will vote on a renewed mandate that would implement sanctions beyond the current school year.
A cyclist turned herself in and received a fine after striking a four-year-old girl who was crossing the street to catch a school bus.
Flash floods from unusually heavy seasonal rains in Afghanistan have killed more than 300 people and destroyed over 1,000 houses, the UN food agency said Saturday.
Biden wants the 2024 election to be a referendum on Trump's record and plans, but he also wants voters to look favourably on his own policies and actions
Donald Trump is known for leveling constant and often personal attacks on top rivals such as Joe Biden. Lately, he's increasingly taking that same approach against independent U.S. presidential candidate Robert F. Kennedy Jr.
Winnie Makinda, 35, says she is facing the worst crisis and lowest moment of her life because of the Kenyan government's response to floods that devastated her poor community in the capital of Nairobi.
The Biden administration said Friday that Israel's use of U.S.-provided weapons in Gaza likely violated international humanitarian law but that wartime conditions prevented U.S. officials from determining that for certain in specific airstrikes.
A judge put Beach Boys founder Brian Wilson under a court conservatorship to oversee his personal and medical affairs after the legendary songwriter's doctor reported that he has a major neurocognitive disorder.
Justin Trudeau says Meta is making billions off people, but taking no responsibility for the well-being of communities they profit from.
Canada is putting $76 million towards a German-led effort to help Ukraine defend itself from Russian missiles and aircraft, Defence Minister Bill Blair announced Friday.
Canada's longstanding blood donation policy that prohibited sexually active men who have sex with men, as well as some trans people, from donating blood and plasma was harmful and discriminatory, Canadian Blood Services acknowledged on Friday, in issuing an apology to the LGBTQ2S+ community.
For decades, North Bay, Ontario's water supply has harboured chemicals associated with liver and developmental issues, cancer and complications with pregnancy. It's far from the only city with that problem.
When you're picking something up from the floor or bending over to tie your shoe laces, you're performing "the hinge move," according to movement trainers.
A provincial coroner will be investigating the death of 68-year-old David Lippert, who suffered a cardiac arrest while waiting in a crowded emergency room in Kitchener, Ont.
Justin Trudeau says Meta is making billions off people, but taking no responsibility for the well-being of communities they profit from.
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
A man who was bitten by two sharks in the Bahamas said Thursday he's 'thankful that I'm here' while sharing his story of survival.
While some may have been excited and/or amused by the diss-track feud between Drake and Kendrick Lamar, the man many consider to be an elder statesman of hip-hop appears less than enthused about it.
Hours before the final, Dutch contestant Joost Klein was dramatically booted out by organizers over a backstage incident. He had failed to perform at two dress rehearsals on Friday, and contest organizer the European Broadcasting Union said it was investigating an "incident."
Sean 'Diddy' Combs on Friday asked a federal judge to dismiss a lawsuit alleging that he and two co-defendants raped a 17-year-old girl in a New York recording studio in 2003, saying it was a 'false and hideous claim' that was filed too late under the law.
The union representing WestJet Encore pilots says its members rejected the tentative deal reached last month, with just over half voting the agreement down.
The Ontario government says it will be supporting Ontario Power Generation's plan to refurbish the R. H. Saunders Generating Station on the St. Lawrence River.
Average hourly wages among Canadian employees rose to $34.95 on a year-over-year basis in April, a 4.7 per cent increase, according to a Statistics Canada report released Friday morning.
Irresponsibly using a credit card can land you in financial trouble, but personal finance columnist Christopher Liew says when used properly, it can be a powerful wealth-building tool that can help grow your credit profile and create new opportunities.
When it comes to gardening, a lot of questions come up, including the best way to keep pets away from plants, maintaining your lawn and keeping the dandelions at bay.
Pregnancy is often an exciting and anxious time for parents-to-be. And while painting the nursery and choosing a stroller are typically on the agenda, experts say preparing financially for a maternity leave can help reduce stress later on as well.
In the quiet and leafy Vancouver neighbourhood of South Cambie, best known for its botanical garden, playoff fever is about to set in.
Two third-period goals, scored 24 seconds apart, lifted Canada to a 2-1 victory over China in semifinal action at the World Para Ice Hockey Championship on Friday at WinSport Arena in Calgary.
Evan Bouchard scored 5:38 into overtime and the Edmonton Oilers bounced back for a 4-3 win over the Vancouver Canucks in the second round of the Stanley Cup playoffs on Friday.
Tesla will spend more than US$500 million to expand its fast-charging network, CEO Elon Musk said on Friday, days after abruptly laying off employees who were running the business.
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.
If you're cruising down a highway and realize you have a flat tire, you may want to think twice before stopping to fix it on the side of the road.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
The stakes have been set for a bet between Vancouver and Edmonton's mayors on who will win Round 2 of the Stanley Cup playoffs.
A grieving mother is hosting a helmet drive in the hopes of protecting children on Manitoba First Nations from a similar tragedy that killed her daughter.
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
A P.E.I. lighthouse and a New Brunswick river are being honoured in a Canada Post series.
In the quiet and leafy Vancouver neighbourhood of South Cambie, best known for its botanical garden, playoff fever is about to set in.
The entire town of Fort Nelson, B.C., as well as the nearby Fort Nelson First Nation, has been ordered to evacuate due to an out-of-control wildfire.
Evan Bouchard scored 5:38 into overtime and the Edmonton Oilers bounced back for a 4-3 win over the Vancouver Canucks in the second round of the Stanley Cup playoffs on Friday.
A man has been transported to hospital after police say he was stabbed in a random attack carried out by a group of teens in Toronto on Friday night.
A 15-year-old boy is in critical condition after an apparent stabbing during a fight at a park in Brampton Friday afternoon.
Toxicity and harassment persist in the "world's biggest entertainment medium," says an Ontario professor.
The rolling hills leading to the hamlet of Rosebud are dotted with sprawling farms and cattle pastures -- and a sign sporting a simple message: No Race Track.
Two third-period goals, scored 24 seconds apart, lifted Canada to a 2-1 victory over China in semifinal action at the World Para Ice Hockey Championship on Friday at WinSport Arena in Calgary.
The actions, including the decision to use non-lethal force, to disperse pro-Palestinian protesters from the University of Calgary campus were justified, Alberta Premier Danielle Smith said Friday.
When you're picking something up from the floor or bending over to tie your shoe laces, you're performing "the hinge move," according to movement trainers.
When it comes to gardening, a lot of questions come up, including the best way to keep pets away from plants, maintaining your lawn and keeping the dandelions at bay.
The Ontario Provincial Police (OPP) is looking for the person or people who were inside a car that crashed early Saturday morning in the Township of Rideau Lakes, 90 kilometres from Ottawa.
A cyclist turned herself in and received a fine after striking a four-year-old girl who was crossing the street to catch a school bus.
Quebecers across the province turned their gazes upwards on Friday night as a spectacular show in the sky was on display thanks to a solar storm hit the earth's atmosphere.
A woman from Saguenay-Lac-Saint-Jean, Que. won $1 million in a Lotto 6/49 draw and she bought the ticket from her daughter's convenience store.
A state of local emergency was declared late Friday evening by the County of Grande due to rising wildfire risk.
A protest encampment set up on the University of Alberta campus was cleared early Saturday morning by Edmonton police.
The Edmonton Oilers beat the Vancouver Canucks 4-3 in overtime late Friday night to even the Round 2 series 1-1.
One man had to be airlifted to the hospital after a serious collision in Cambridge, N.S., Friday afternoon.
RCMP say seven people have been arrested and charged in connection with a kidnapping and assault in Tobique First Nation, N.B.
Emergency Health Services (EHS) LifeFlight helicopters will soon be landing at Canadian Forces Base Windsor Park in the Halifax's west end.
Businesses in the Clear Lake area are concerned about the future following a temporary ban on watercraft from entering the lake.
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
An unusually large solar storm could produce northern light shows that may be visible across most of Canada on Friday and Saturday.
Easier access to certain types of medical care has become more difficult for some residents in southwestern Saskatchewan, according to a Swift Current doctor.
Next week, teachers in Saskatchewan will vote on a renewed mandate that would implement sanctions beyond the current school year.
Regina police say three people have been charged after they seized more than 1,100 grams of a substance believed to be cocaine along with suspected meth and ammunition following a “months long investigation.”
Two teens have been charged in connection to a grandparent scam in Woolwich Township.
A motorcyclist was airlifted to hospital with critical injuries after a crash in Cambridge on Friday afternoon.
We’re one step closer to finding out the new location of Kitchener-Waterloo’s newest hospital.
Next week, teachers in Saskatchewan will vote on a renewed mandate that would implement sanctions beyond the current school year.
A dump truck was heavily damaged following a crash Friday afternoon on Circle Drive North.
Improved mine automation helped fertilizer giant Nutrien Ltd. increase potash production in the first quarter amid strong demand for its products, the company's chief executive said.
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
For decades, North Bay, Ontario's water supply has harboured chemicals associated with liver and developmental issues, cancer and complications with pregnancy. It's far from the only city with that problem.
The Sault Ste. Marie Police Service is actively investigating a shooting that took place overnight.
From London, to Mildmay, Collingwood and St. Thomas, here are some highlights of Friday night and Saturday morning's northern lights display.
An uncertain timeline for rolling out more of London’s Whole of Community Response to Homelessness might have eliminated one potential location for a service hub.
A 61-year-old man has died following a collision between a moped and a pickup truck in Grey Highlands earlier this week.
Two people are in the hospital after a multi-vehicle crash in Innisfil early Saturday morning.
One person is in hospital after a house fire in Orillia on Saturday.
Two Barrie men have been charged with fraud in connection with a lengthy OPP investigation after several customers seeking pool installations were allegedly scammed out of thousands of dollars.
It is the third day of demonstrations at the University of Windsor, with 'Liberation Zone' organizers making it clear they 'will not rest' until the university meets their demands.
In case you missed it, CTV News Windsor has compiled all the top local stories from this week into one video for your convenience.
On Friday, the union announced that James Stewart will fill the role of president, following the May 8-9 election.
The head of British Columbia’s civil service has revealed that a “state or state-sponsored actor” is behind multiple cyber-security incidents against provincial government networks.
Karen Harrison made the same birthday wish every year from age six to age 50. When she had given up hope, it finally came true.
Police in Saanich, B.C., say an assault investigation is underway following two alleged incidents at a pro-Palestinian protest encampment on the grounds of the University of Victoria.
A suspect is at large after robbing a convenience store at gunpoint in Merritt, B.C., Friday, according to local police.
After four targeted shootings in four days, Mounties in Kamloops are taking the unusual step of warning the public about two men they believe are likely to be targeted in future violent incidents.
Images of steelhead and trout flicker over long sheets of paper, brought to life in blue and green crayon rubbings by the thousands.
Thousands of messages were sent between a teenage girl in the U.S. and an Alberta man posing as a young boy, a police investigation has revealed.
After a dry winter, southern Alberta farmers were expecting it to be another tough growing season.
Rural crime is on the decline, the RCMP said in a media statement released by the Southern Alberta District (SAD) late Wednesday afternoon.
The Sault Ste. Marie Police Service is actively investigating a shooting that took place overnight.
A campaign designed to encourage Indigenous and non-Indigenous men and boys to stand up against violence against women and children in their lives is getting underway.
The Sault Ste. Marie YMCA is no longer heading for closure, but it’s going to take a community effort to ensure the facility stays operational.
Police in Newfoundland say patrol officers were assaulted Thursday by a "very irate male" wielding a block of cheese.
Health officials say there is an outbreak of whooping cough in eastern Newfoundland.
Ontario Provincial Police are facing tough questions about their search for a missing Newfoundland trucker whose rig was found two weeks ago in Ontario, then sent back to Newfoundland, where his body was found Monday in the trailer.
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