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Insurance for self-employed Canadians: What coverage do you need? + MORE Sep 4th
A common feature of employee benefit plans in Canada is insurance coverage. The types and amounts of insurance vary, and employees should consider their personal situation to determine if they need additional coverage beyond their group plan—as they often do.
If you are self-employe.... More »
Cogeco targets low-data users with new Canadian mobile service + MORE Jul 16th
Cogeco Inc. has launched its long-awaited wireless service in Canada, saying it plans to compete with other carriers in the market by targeting “low-to-mid data users.” The Montreal-based telecommunications company said it has already signed up an initial cohort of customers on the new mobile se.... More »
‘It’s a big investment’: Ottawa announces major investment in Atlantic Canada’s aerospace sector - BNN Bloomberg May 13th
‘It’s a big investment’: Ottawa announces major investment in Atlantic Canada’s aerospace sector BNN BloombergSee more headlines & perspectives on Google News.... More »
Fixed mortgage rates are likely at their 'lowest point this year,' experts say Oct 29th
"We're seeing the weaker economy, paradoxically, is allowing more people into the real estate market," said Phil Soper, president and CEO of Royal LePage..... More »
House rich, cash poor: When a reverse mortgage might make sense Jul 15th
Reverse mortgages were at one time considered the Wild West of financial products, associated with aggressive and even predatory sales tactics targeting seniors in the United States. Fairly or not, that reputation has instilled some wariness in Canada, where regulations have long been more stringen.... 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…
