Withdrawal Help

Preparing for life after work. RRSPs, RRIFs, TFSAs, annuities and meeting future financial and psychological needs.
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ghariton
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Re: Withdrawal Help

Post by ghariton »

cannew wrote:
twa2w wrote:You don't have to set up the RIFs before age 71 to use your spouses age.
Realize that, but wanted to begin drawing funds from both of our accounts early for tax reasons.
I don't understand. You can start drawing down an RRSP any time, without having to convert to an RRIF or worry about minimum amounts or your (or your spouse's) age.

Is it because most banks/brokerages waive their fee if you withdraw the minimum from an RRIF but not an RRSP?

George
The juice is worth the squeeze
DenisD
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Re: Withdrawal Help

Post by DenisD »

For those 65 and older RRIF (but not RRSP) withdrawals up to $2K qualify as eligible pension income for purposes of the pension income tax credit.
pmj
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Re: Withdrawal Help

Post by pmj »

Some banks charge less/no fees on RRIF withdrawals.
There's no tax (immediately) payable on the min reqd RRIF withdrawal - but tax is payable on all RRSP withdrawals.
Peter

Patrick Hutber: Improvement means deterioration
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