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Ukraine Faces Deepening Power Shortages After Russian Strikes

A resident shows a journalist where a Russian drone struck the roof of an apartment building, depriving its residents of water, heat and electricity, in Kyiv. Ukraine is confronting one of its most severe energy shortfalls since the start of the full‑scale invasion, with the country currently able to supply only about 60% of its electricity needs. A new wave of Russian missile and drone attacks has heavily damaged power plants and transmission infrastructure across multiple regions, pushing the grid to the brink. Officials report that nearly every major power‑generating facility has been hit in recent weeks. Cities such as Kyiv, Kharkiv, Odesa, and Dnipro have experienced rolling blackouts, leaving millions of residents coping with limited heating, lighting, and communications during the winter season. Ukraine’s government has warned that the situation remains extremely challenging. Engineers are working around the clock to repair damaged facilities, but repeated strikes have slowed...
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Maximizing Retirement Savings: The RRSP to RRIF Transition

 


As retirement approaches, a key financial decision for Canadians is whether to maximize contributions to a Registered Retirement Savings Plan (RRSP) before converting it into a Registered Retirement Income Fund (RRIF). Here are the essential considerations:

  • Timing and Tax Benefits: Contributing to your RRSP can provide immediate tax deductions and allow your investments to grow tax-deferred. However, it’s crucial to evaluate whether these tax benefits align with your retirement timeline and income needs.

  • Conversion Deadline: You must convert your RRSP to a RRIF by December 31 of the year you turn 71. This transition is mandatory and marks the shift from accumulating savings to withdrawing income.

  • Withdrawal Strategies: RRIFs require minimum annual withdrawals, which increase with age. Deciding whether to withdraw only the minimum or more depends on your income needs and tax implications.

  • Long-term Financial Planning: Consider your overall retirement strategy, including other income sources like pensions and government benefits. A financial advisor can help tailor your RRSP contributions and RRIF withdrawals to your unique situation.

In conclusion, maximizing your RRSP before conversion can be advantageous, but it should be part of a broader retirement planning process that takes into account your financial goals and tax situation.

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