strategy to withdraw RRSP after leaving the country

Preparing for life after work. RRSPs, RRIFs, TFSAs, annuities and meeting future financial and psychological needs.
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freedom_2008
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Re: strategy to withdraw RRSP after leaving the country

Post by freedom_2008 »

patriot1 wrote: 18 Nov 2017 09:07 The actual tax reduction is 15% of $2000, i.e. $300.
You are correct. My mistake. It should be stated as:

If you are 65 or older, it is better to convert RRSP into RRIF as
1. You can claim $2000 pension income amount (= $300 non-refundable tax credit) for withdrawal from a RRIF
2. there is no withhold for the annual minimum amount (based on your age) withdrawn from a RRIF
“Life is 10% what happens to you and 90% how you react.” — Charles R. Swindoll
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