Should RRIF withdrawals be based on the younger spouse’s age? Nov 8th

There are more investment options in Canada than you can shake a stick at! Stay on top of the best returns right here.
Latest News

The best TFSAs in Canada for 2022 + MORE Nov 17th

As the name suggests, tax-free savings accounts (TFSAs) offer a tax break on contribution income—meaning that, unlike with a regular savings account or non-registered investment account, what you earn inside your TFSA isn’t taxed, even when you make a withdrawal. TFSAs are flexible, too, allowin.... More »

Taylor Swift Invests in Discounted Closed End Funds. Should You?  May 18th

Taylor Swift is often called one of the savviest businesspeople in the music industry. And, in another demonstration of her money smarts, it was recently revealed that the 33-year-old pop superstar invests in a niche, elite investor-approved type of mutual fund.  Last weekend, Boaz Weinstein.... More »

The best low-interest credit cards in Canada for 2023 Nov 16th

Spend The best low-interest credit cards in Canada for 2023 Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required. Find my perfect card* .... More »

Compare the best savings accounts in Canada for 2023 + MORE Aug 4th

Save The best savings accounts in Canada for 2023 Here are the best accounts to hold your savings. Compare now Scan the savings account comparison table above to view interest rates offered by financial institu.... More »

5 things to know before the stock market opens Thursday - CNBC Oct 19th

5 things to know before the stock market opens Thursday  CNBCThe close: Stocks sharply lower as bond yields rise again, investors assess earnings  The Globe and MailStocks Close Lower on Heightened Geopolitical Risks and Soaring Bond Yields  BarchartWhy Are Stocks Down .... More »
I am wondering about the minimum RRIF withdrawal calculation. We are wondering if it would be beneficial to use the younger spouse’s age to result in a lower annual combined income. Can you explain the reasoning behind this?—Bernie

When can you convert an RRSP to a RRIF?

Registered retirement savings plans (RRSPs) are tax-deferred accounts meant primarily to fund retirement with withdrawals taken at that time. You can, though, take an RRSP withdrawal at any time. There are no restrictions on withdrawals, except if you have a locked-in retirement account (LIRA) that came from a pension plan transfer. The only drawback of RRSP withdrawals is that they are considered fully taxable income, with the exception of eligible withdrawals for a home purchase or post-secondary education.

You can contribute to an RRSP until the end of the year you turn 71. By no later than December 31 of the same year, you must cash in your entire account (not advisable), buy an annuity from an insurance company (not common) or convert your RRSP to a registered retirement income fund or RRIF (most common)…

Continue Reading On »


Compare insurance quotes through - save time and money!