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The best GIC rates in Canada for 2024
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Investing
The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
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By Keph Senett and Justin Dallaire on June 5, 2024Estimated reading time: 22 minutes
Here you’ll find the answers to common GIC questions, along with information on the best GIC rates available right now. If GICs are new to you, and you want to learn everything there is to know, start by reading our guide below…
Can you delay a RRIF withdrawal?
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I read you can base your RRIF withdrawals on your wife’s age to minimize them. Can you please explain exactly what that means? My wife is seven years younger than me, and I am 68. I already have a small RRIF, set up for the pension benefit. When I hit 71, when I convert my RRSP to a RIFF, if I want to minimize withdrawals, and I base the RRIF on my wife’s age, would I not have to take out 5.2% in my 71st year?
I still have a fairly high income, so I’m looking to minimize incomes and claw backs.
Also, is one able to delay the RRIF withdrawal at age 71 for a year? Is that a good idea?
Sorry, one more question: Does my spousal RRSP get converted when I hit 71 or when my wife does?
—Ted
The basics around RRSP/RRIF conversions and planning opportunities
Great questions, Ted. On the surface, these may seem like basic questions, but it’s important to get the basics right. This is a good opportunity to review registered retirement savings plan/registered retirement income fund (RRSP/RRIF) conversions and explore how understanding the basics can help to keep your taxable income down…
