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Looking for a mortgage in B.C.? Don’t limit your options to the big banks + MORE Apr 3rd
At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rat.... More »
What’s behind the retreat in responsible investing? + MORE Oct 15th
Socially responsible investing is down but not out in Canada, a new survey of investment advisors by the Responsible Investment Association (RIA) has found. Just under two-thirds of advisors (64%) report using responsible investing (RI) approaches and investments, down from 73% in 2023. But the shar.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Dec 22nd
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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.
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The best high-interest savings accounts in Canada for 2025 + MORE Oct 14th
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.
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Carney visiting Qatar to drum up investment despite 'brutal' human rights record Jan 17th
Carney's office said he will be seeking more trade access and partnerships in artificial intelligence, infrastructure, energy and defence while in Qatar..... More »
Ask MoneySenseIf I convert, say, 50% of my RRSP to RIF, is the mandatory withdrawal calculation based on the converted 50% or the total (unconverted) RRSP and converted RIF? Does Canada Revenue Agency inform me how much I need to withdraw every year from my RIF?
—Jackie
Withdrawals from multiple registered accounts
I come across a lot of people who have had registered retirement savings plan (RRSP) accounts for 40 years and are unclear on how the withdrawal process works. So, your inquiry, Jackie, is a good one.
I will address your questions and explain a bit more about the tax and procedural considerations with registered account conversion.
RRSP withdrawal rules
You can take an RRSP withdrawal whenever you want. The only exception is with a locked-in RRSP that comes from a pension plan. You may not be able to take withdrawals prior to age 55, except for extraordinary circumstances that vary based on the province of the pension the funds were transferred from.
RRSP withdrawals are taxable…
