With all the talk of the government tightening the rules on withdrawals, I’m wondering if now’s the time to start taking money out before they get their hands on it.
I’ve been thinking about it, too. With the way things are going, it feels like they could change the tax rules any day. I don’t want to get hit with a huge tax bill down the road just because I waited too long.
I’ve been doing some research, and it seems like there’s a sweet spot for withdrawing from your RRSP, especially if you’re nearing retirement. The idea is to start withdrawing before you hit that higher tax bracket, but the timing can be tricky.
If you withdraw too soon, you might miss out on growth, but if you wait too long, the tax hit could be brutal. I don’t want to end up paying more in taxes than I need to
My wife and I have been talking about this a lot. We don’t want to end up paying more taxes than necessary, but we also don’t want to pull the trigger too early and lose out on potential growth. We’re thinking about consulting with someone who can give us a tailored plan.
You should be able to leave your money in your RRSP as long as you like and not have to convert it into a rif and be forced to take money out whether you need it or not in any particular year.That would be a true self directed retirement plan and the govt taxes what is left anyway. That seems reasonable to me. If you agree you should contact the finance minister and tell her this.
With all the talk of the government tightening the rules on withdrawals, I’m wondering if now’s the time to start taking money out before they get their hands on it.
I’ve been thinking about it, too. With the way things are going, it feels like they could change the tax rules any day. I don’t want to get hit with a huge tax bill down the road just because I waited too long.
I’ve been doing some research, and it seems like there’s a sweet spot for withdrawing from your RRSP, especially if you’re nearing retirement. The idea is to start withdrawing before you hit that higher tax bracket, but the timing can be tricky.
If you withdraw too soon, you might miss out on growth, but if you wait too long, the tax hit could be brutal. I don’t want to end up paying more in taxes than I need to
My wife and I have been talking about this a lot. We don’t want to end up paying more taxes than necessary, but we also don’t want to pull the trigger too early and lose out on potential growth. We’re thinking about consulting with someone who can give us a tailored plan.
@@Will54rolEric Paul Elmer sounds like he really knows his stuff. Did he give you any advice on the best time to start the withdrawal process?
You should be able to leave your money in your RRSP as long as you like and not have to convert it into a rif and be forced to take money out whether you need it or not in any particular year.That would be a true self directed retirement plan and the govt taxes what is left anyway. That seems reasonable to me. If you agree you should contact the finance minister and tell her this.
I need advise for investment
please feel free to reach out: beckerorr.com/chat-with-us/
IF I AM 65 AND MY WIFE IS 60 CAN I SPLIT ALL TYPES OF MY MY INCOME WITH HER .
My understanding is no. Only eligible pension income can be split after 65.