Understanding Taxes on Your Retirement Income: RRSP, RRIF, TFSA, and More!

[@billyrock8305]

Well done Marc! ✅

[@debbie8430]

Thank you! I have not seen this calculator before and your examples were great.

[@transcanadawealth]

Glad it was helpful!

[@neolithic3]

Thanks, this was very helpful!

[@transcanadawealth]

You're welcome!

[@joefalcone4762]

Great advice. Thank you

[@misspethamhouse9072]

Thanks Marc! Really enjoy your videos!!

[@KP-uj1wf]

Great video! I'm 65 with a defined benefit government pension along with a smallish ($100k) RRSP. I actually still have a $40k RRSP deduction limit if I want to use it on my 2024 taxes. Question... Is it worth using this $40k, then moving my RRSP to a RRIF in 2025? Or forget about it and convert my $100k RRSP to a RRIF this year and starting minimum withdrawals in 2025? (PS.. I'm holding off taking CPP and OAS for 5 years). I realize you can't give specific answers... just a general comment about adding to my RRSP before changing to RRIF would be greatly appreciated. Thanks!

[@lemino10]

Hi Marc. Is the 90,000.00 income net or gross? Thank you.

[@DoneByD]

Hi @lemino10 - It is based on line 23400 of your tax return which is net income before adjustments ---
Taken from CRA website
In accordance with the income tax act, if your net income before adjustments (line 23400 on the tax return) exceeds $86,912 (for 2023), you may have to repay part or all of your pension.