Published July 5, 2026 Your morning rundown on the Canadian economy, markets, and money moves — TSX hits a record close, CUSMA talks roll past the deadline, the first CGEB payment lands, and what to expect ahead of the Bank of Canada's July 15 decision. 1. TSX closes at a record high on gold-miner strength The S&P/TSX Composite climbed 0.9% to close at a record 35,275 on Friday, July 3, powered by gold mining stocks. Gold prices firmed after U.S. nonfarm payrolls for June came in at roughly half the expected pace, fuelling bets that the Federal Reserve could turn more dovish. Agnico Eagle, Wheaton Precious Metals, and Barrick all posted solid gains, while financials like Scotiabank and BMO also moved higher on easing oil-supply concerns. Why it matters: if you hold Canadian equity index funds in your TFSA or RRSP, resource and financial-sector strength has been doing a lot of the heavy lifting this year — worth knowing if your portfolio feels more concentrated than you'd...
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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