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5 Things to Know Today — June 21, 2026

  Whether you're starting your week or wrapping up your weekend, here are the five Canadian money stories shaping your financial picture right now. 1 Canada Is Technically in a Recession — And the Political Fight Is On Canada's GDP contracted 0.1% on an annualized basis in Q1 2026, following a 1% decline in Q4 2025 — two consecutive quarters of negative growth that meet the textbook definition of a technical recession. Prime Minister Mark Carney has called it a "settling-in period" tied to his government's restructuring of the economy in response to the U.S. trade war. Conservative Leader Pierre Poilievre has been relentless in his counter-offensive, pointing to rising insolvencies, job losses and food bank usage as proof that the downturn is real, not technical. Many economists, including BMO's chief economist Douglas Porter, have noted that a future revision to Statistics Canada's data could erase the slim 0.1% contraction — meaning this may not ultimate...
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How to make your RRIF last longer and avoid tax traps

 

If you are a senior who has a registered retirement income fund (RRIF), you may be worried about outliving your savings or paying too much tax on your withdrawals. Fortunately, there are some strategies you can use to make your RRIF more efficient and flexible.

A RRIF is a tax-deferred account that you must convert your RRSP into by the end of the year you turn 71. You have to withdraw a minimum amount from your RRIF every year, based on your age or your spouse’s age. The minimum amount increases as you get older, and it is fully taxable as income.

One way to reduce your tax bill and preserve your RRIF is to withdraw less than the minimum amount. You can do this by electing to use your younger spouse’s age to calculate the minimum amount, which will lower the percentage you have to withdraw. You can also split up to 50% of your RRIF income with your spouse if they are in a lower tax bracket.

Another way to make your RRIF last longer is to invest it wisely. You can choose from a variety of investments, such as stocks, bonds, mutual funds, ETFs, and GICs, to suit your risk tolerance and income needs. You can also diversify your portfolio across different asset classes, sectors, and geographies to reduce volatility and enhance returns.

A third way to optimize your RRIF is to plan ahead for your estate. You can name your spouse as the beneficiary of your RRIF, which will allow them to continue receiving the income or transfer it to their own RRIF tax-free. You can also name your children or grandchildren as beneficiaries, but they will have to pay tax on the fair market value of the RRIF as a lump sum. Alternatively, you can donate your RRIF to a charity of your choice, which will generate a tax credit for your estate.

By following these tips, you can make your RRIF more flexible, tax-efficient, and long-lasting. You can also consult a financial planner or a tax professional to help you tailor your RRIF to your specific situation and goals.

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