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All TTC subway riders getting cellphone service starting Oct. 3, federal minister says CBC.caToronto's Financial Workers Will Finally Be Able to Work on the Subway Financial PostRogers must give BCE, Telus access to wireless network on Toronto's subway system by Oct. 3, ministe.... More »
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The MoneySense Find a Qualified Advisor Tool + MORE Nov 6th
Welcome to the MoneySense Find a Qualified Advisor tool. We’ve partnered with the Financial Planning Association of Canada (FPAC) to create a directory of credentialled advisors providing financial planning and investing services across Canada. All of the advisors in our Find a Qualified Advisor t.... More »
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How much to take out of your RRSP in your 60s Oct 4th
Many retirees have the bulk of their retirement savings in registered retirement savings plans (RRSPs) or similar tax-deferred registered accounts. RRSPs need to be used to buy an annuity or more commonly converted to a registered retirement income fund (RRIF) by Dec. 31 of the year someone turns 71.... More »
Timing the withdrawal of RRSP savings to minimize your tax hit
– moneysense.ca
Q. I’ve been fully retired since 2018, and living only on government pension (QPP, OAS and GIS). I have some RRSP and TFSA investments, and would like some help with determining when I should start withdrawing funds—and whether I will need to pay tax. I’ll be turning 71 in December 2021.
From whom do I seek out advice on this—my financial advisor, where I have my investments, or an accountant? And when would be the best time to seek it?
–Ellen
A. I hear your concern, Ellen. You’ve done the right thing, wanting to be independent in retirement by making investments inside your RRSP, but now you’re facing taxable withdrawals and a reduction in your Guaranteed Income Supplement (GIS) benefit.
You’re asking who you should seek advice from and, in this case, going to your financial planner first may be best. They will assess your situation and refer you to an accountant if needed.
Even before you go to your financial planner, though, I want to help you brush up on your knowledge of RRIF withdrawals and the GIS…
From whom do I seek out advice on this—my financial advisor, where I have my investments, or an accountant? And when would be the best time to seek it?
–Ellen
A. I hear your concern, Ellen. You’ve done the right thing, wanting to be independent in retirement by making investments inside your RRSP, but now you’re facing taxable withdrawals and a reduction in your Guaranteed Income Supplement (GIS) benefit.
You’re asking who you should seek advice from and, in this case, going to your financial planner first may be best. They will assess your situation and refer you to an accountant if needed.
Even before you go to your financial planner, though, I want to help you brush up on your knowledge of RRIF withdrawals and the GIS…
