Managing Your Wealth

A RRIF is very much like an RRSP in reverse. An RRSP is an account designed to help you save for retirement – a RRIF is an account designed to provide annual income in the form of withdrawals from a registered plan during your retirement. Click to read on about how you can benefit from an RRIF.

Investors are often subject to behavioural biases that can lead to flawed decisions and choices. Being aware of these biases – and understanding how they arise from your background and life experiences – can help you make better investing decisions and help achieve your financial goals.

This is a helpful resource summarizing important tax, retirement and estate planning information.

Many Canadians will receive an income tax refund from the Canada Revenue Agency (the “CRA”) or Revenu Québec (“RQ”), for those who also file taxes in Quebec. If you receive a tax refund based on your 2024 income tax return, it may be worthwhile meeting with your BMO Private Wealth professional to discuss how you can maximize using these funds, such as repaying non-deductible debt, or catching up on your Registered Retirement Savings Plan (“RRSP”), Tax-Free Savings Account (“TFSA”), First Home Savings Account (“FHSA”), or Registered Education Savings Plan (“RESP”) contributions.

Towards the end of the year, many investors review their investment portfolios to determine the anticipated tax impact of any capital gains and losses realized during the year. For investors who have realized significant capital gains in their non-registered account(s), this article examines various strategies to help reduce the impact of a potential tax liability of these gains, regardless of whether they were the result of a voluntary or involuntary sale.

The attached article – Preparing Your Last Will and Testament – explains various aspects of Will preparation including, the importance of appointing an appropriate executor, life events that warrant a Will review and the use of testamentary trusts.

This is designed to help your family, executor (referred to as a “liquidator” in Quebec), or Power of Attorney for Property (referred to as a “mandatory” in Quebec) locate all of your important documents and other information needed to administer your estate or act as your Power of Attorney for Property

Parents are often interested in making substantial gifts to their adult children to give them a good start in life, to mark a significant occasion or simply to enjoy seeing their children benefit from their accumulated wealth. However, you should plan in advance to ensure any gift does not suffer unintended consequences.

If you are holding investment accounts at multiple financial institutions, consider consolidating them. Consolidation can help you manage your money efficiently and effectively, thereby simplifying your life and the ability to access more comprehensive advice.

This article provides an overview of the information and tools available through Gateway. A key feature of Gateway is the ability to access your BMO Nesbitt Burns account statements and trade confirmations electronically by signing up for eDocuments.