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Air Transat Faces Flight Suspensions Amid Pilot Strike Notice

  Air Transat has announced it will gradually suspend flights starting Monday following a 72-hour strike notice issued by its pilots’ union. The Air Line Pilots Association (ALPA), representing roughly 700 pilots, delivered the notice after nearly a year of unsuccessful negotiations with the airline’s parent company, Transat A.T. Inc. Background The union filed the strike notice on Sunday, giving pilots the legal right to walk off the job as early as Wednesday. Last week, pilots voted 99% in favor of strike action , underscoring their frustration over stalled contract talks. ALPA leaders emphasized that pilots do not want to strike but feel compelled to act after management failed to meet demands for a modernized agreement. Airline Response Air Transat confirmed it will begin suspending flights gradually between December 8 and 9 to prepare for a possible full shutdown. The company stated it is working “around the clock” to reach a deal and minimize disruption for trave...
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RRIF Withdrawals: What Retirees Need to Know Before Year-End

As 2025 winds down, many Canadian retirees are seeking clarity on their Registered Retirement Income Fund (RRIF) withdrawals. By law, once an RRSP is converted to a RRIF, annual minimum withdrawals must begin the following calendar year. These withdrawals are calculated based on the fair market value of the RRIF at the start of the year and the age of the account holder—or their spouse, if that age was chosen when the RRIF was set up.

For 2025, the minimum withdrawal rates remain unchanged from previous years. For example:

  • At age 65, the minimum is 4.00% of the account’s value.
  • At age 71, it rises to 5.28%.
  • By age 80, the minimum is 6.82%, and it continues to increase gradually, reaching 20% at age 95 and older.

It’s important to note:

  • No withdrawals are required in the year a RRIF is first established.
  • Withdrawals above the minimum are subject to withholding tax, while the minimum amount itself is not.
  • Retirees can choose to base their withdrawal rate on the younger spouse’s age, which can lower the required minimum.

With markets fluctuating and inflation still a concern, retirees are weighing whether to take only the minimum or withdraw more to cover rising living costs. Financial advisors stress the importance of planning withdrawals strategically—balancing income needs with tax efficiency and long-term portfolio sustainability.

As the December 31 deadline approaches, retirees are encouraged to review their RRIF accounts, confirm their minimum withdrawal amounts, and consult with advisors to avoid last-minute surprises


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