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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 Money withdrawn from a registered retirement savings plan (RRSP) and/or a registered retirement income fund (RRIF) is taxable, so why not move it to a tax-free savings account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…

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