WHEN AND HOW MUCH TO WITHDRAW TO MINIMIZE TAXES?
RRSP & RRIF ULTIMATE GUIDE
4 tax planning strategies for RRSP and RRIF withdrawals.
“This guide will explore four different strategies when it comes down to RRSP/RRIF withdrawals. Each strategy has pros and cons, and we will end with key factors that will help you identify the right strategy for you.”
THE TAX MAN IS PATIENTLY WAITING FOR YOU TO RETIRE
Canadian investors save for retirement using RRSPs because contributions are tax‑deductible, and investment growth is tax‑deferred.
During the accumulation phase, RRSPs look like the 8th wonder of the world. You get a reduction in your taxes to invest in a tax-sheltered account!
But this fairytale doesn’t last forever.
IT'S NOW TIME TO ENJOY YOUR RETIREMENT!
Each dollar withdrawn from a RRSP is added to your taxable income. By the age of 71, it must be converted into a Registered Retirement Income Fund (RRIF).
The transition from RRSP to RRIF can raise questions about timing, withdrawal strategies, spousal accounts and estate planning.
This guide tackles the most obvious ones so you can enjoy your retirement.