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.
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Want to save money on gifts? Embrace holiday sales, and start early Nov 23rd

Have you started your holiday shopping yet? Plenty of Canadians are hitting “Add to cart” extra-early, whether they’re buying for Christmas, Kwanzaa or Hanukkah. Last year, supply-chain issues frustrated shoppers. The shipping delays have improved somewhat this year, but now inflation and tigh.... More »

Making sense of the markets this week: January 1, 2023 + MORE Dec 30th

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines of the week and offers context for Canadian investors. Before looking ahead to 2023, I just want to give a big “Thank you” to writer Dale Roberts and our editorial team, inc.... More »
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Half of Canadians plan to make cutbacks this holiday season, says new PayPal Canada survey Nov 17th

A new survey finds that while most Canadians are anxious about holiday season spending, a large number polled admitted they are too embarrassed to ask for financial help..... More »

Are ETFs a good investment for an all-weather portfolio? + MORE Dec 15th

For retirees and near retirees, it can sometimes seem like there’s no such thing as a “safe” investment—especially now. Even bonds and bond funds, typically considered the safest of investment—suffered losses in 2021, as interest rates were poised to rise. Now that central banks have said .... More »

Tax Implications of Receiving a Cash Gift in Canada Jan 9th

When it comes to financial transactions with loved ones, many people consider giving or receiving cash gifts. This can be especially common when the gift-giver and recipient are located in different countries. In this article, we will focus on the specific topic of cash gifts from overseas to Canada.... 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)…

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