Hi, My Rrsp are all investments, so then I will convert to RRIF Inv. It will still grow in value, so at age 72 does that mean I have to redraw market value from my portfolio. Sorry, I am new at investing. Thks
Great info. I like the QA format. One question if you could clarify: (@8:20) you talked about income splitting at 65 with with spouse. Does your spouse have to be 65 as well? or only one partner - doing the split - have to be 65. And follow on to that Is it correct that if One Partner is 65+ and other is, say 62, you can withdraw 4K per year; income split and pay no tax - due to tax credit. please clarify. Thanks
is there any advantage to change an RRSP to a RRIF if you are years away from 71? is taking money out of an RRSP seen differently (like having to pay CPP on it if that is your only income source idk if that is a thing) are not both seen as retirement income? I'm 50 and thought i may retire in 5 years.
You should be able to leave your money in your rrsp and remove money as you see fit depending on your circumstances not as mandated by the govt. That would be a real self directed retirement plan If the market takes a dive and you must take out a minimum based on a higher amount you will draw down your rrif very fast not to mention the high withdrawl rates as you get older. You should be pushing for this as im sure many canadians would agree.
Nice! Had no idea about the $2k RRIF tax credit at age 65. Thanks
What's the most common winning investment strategy for a new beginner
Hi, My Rrsp are all investments, so then I will convert to RRIF Inv. It will still grow in value, so at age 72 does that mean I have to redraw market value from my portfolio. Sorry, I am new at investing. Thks
Great info. I like the QA format. One question if you could clarify: (@8:20) you talked about income splitting at 65 with with spouse. Does your spouse have to be 65 as well? or only one partner - doing the split - have to be 65. And follow on to that Is it correct that if One Partner is 65+ and other is, say 62, you can withdraw 4K per year; income split and pay no tax - due to tax credit. please clarify. Thanks
is there any advantage to change an RRSP to a RRIF if you are years away from 71? is taking money out of an RRSP seen differently (like having to pay CPP on it if that is your only income source idk if that is a thing) are not both seen as retirement income? I'm 50 and thought i may retire in 5 years.
Can I convert my RRSP at 63 or 64 when I retire?
You should be able to leave your money in your rrsp and remove money as you see fit depending on your circumstances not as mandated by the govt. That would be a real self directed retirement plan If the market takes a dive and you must take out a minimum based on a higher amount you will draw down your rrif very fast not to mention the high withdrawl rates as you get older. You should be pushing for this as im sure many canadians would agree.