Moving money from RRSPs, RRIFs and TFSAs in retirement Jan 13th

TSX getting you down? There are always sound investment alternatives.

Latest News

Gen Z housing hacks for the return-to-office era + MORE Nov 3rd

After years of remote work and suburban migrations, many young Canadians are being pulled back into city centres, where rental markets are more expensive. Toronto’s average rent, for example, sits around $2,600/month—about 20% higher than the national average, keeping the city among Canada’s p.... More »

How are bonuses taxed in Canada? Feb 13th

If you’re fortunate enough to get a bonus from your employer this year, or if you’ve recently earned a pay bump, how should you spend it? Maybe that money is already spoken for. Many Canadians are struggling financially right now, so a bonus or salary increase might simply help cover th.... More »

City hall is banking on Toronto’s real estate market picking up in 2026. What’s behind their optimism? + MORE Jan 11th

Budget prediction comes as last year's Toronto-area home sales hit a 25-year low..... More »

Intuitive Machines stock plummets after second apparent sideways moon landing - Reuters Mar 7th

Intuitive Machines stock plummets after second apparent sideways moon landing ReutersIntuitive Machines Stock Plunges Another 34% After Troublesome Lunar Landing Barron'sNASA Sets Coverage for Intuitive Machines’ Second Private Moon Landing NASAIntuitive Machines�.... More »

The best high-interest savings accounts in Canada for 2026 + MORE Mar 16th

Savings comparison tool Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance. Advertisement Why trust us MoneySense is an.... More »

Moving money from RRSPs, RRIFs and TFSAs in retirement

– moneysense.ca

Ask MoneySense
My husband and I are retired with $200,000 in our TFSAs, $230,000 in our RRSPs and RRIFs, and we have an emergency fund. Our household income is $85,000 a year.

My husband may need nursing home care at some point, so I have been moving assets from the RRSPs to our TFSAs for flexibility. My spouse, who is over age 71, has about $50,000 of RRSP contribution room left.

We would like to leave money to our only child and may soon open a non-registered investment account.

Should I move TFSA and other assets into a spousal RRSP before I turn 71, and continue to draw down our RIFs/RRSPs to our TFSAs? Or should I leave things be? 

—Irene 

Moving money from RRSPs and RRIFs to TFSAs

I like your thinking, Irene. You’re looking ahead to see how you can minimize taxes and create more options for you and your husband. Money withdrawn from a registered retirement savings plan (RRSP) and/or a registered retirement income fund (RRIF) is taxable, so why not move it to a tax-free savings account (TFSA)? That can mean tax-free growth and withdrawals…

Continue Reading On moneysense.ca »

Stay tuned for more Investment wisdom brought to you by banks.ca!

Share