How to transfer from an RRSP to a TFSA —and why you shouldn’t + MORE Mar 3rd

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How fintech will affect your retirement plan—In partnership with Scotiabank—

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How to transfer from an RRSP to a TFSA —and why you shouldn’tFlickr
When transferring a stock from an RRSP to a TFSA, is there any advantage whether it is in a loss or gain position? Why or why not? – Darryl
If you hold a stock in your RRSP and you want to hold it in a TFSA instead, there is no way to simply transfer it from one account to the other. At least, I am unaware of any brokerage that will allow you to do this.
Instead, your only choice would be to first “deregister” the shares, which means transferring them in kind from the RRSP to a non-registered (taxable) account. This would be considered a withdrawal from the RRSP, which means the full market value of the holding will be taxable as income. Your brokerage will be required to withhold at least 10% for taxes, and you will probably also pay a fee for the transaction.
Once the shares are in a non-registered account, you could then transfer them in-kind to your TFSA. Note that if they appreciate slightly during the time it takes you to arrange all of this, you will pay tax again on any capital gain…

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Last column we looked at the five ways retirees could enhance their income, as outlined in Fred Vettese’s book, Retirement Income for Life. Today, we’ll drill down on the specific and controversial “third enhancement,” which was partial annuitization at the point of embarking upon retirement (usually at 65).
This strategy is for the vast majority of private-sector workers who lack the traditional Defined Benefit plans that are still prevalent in the public sector. If you envy that kind of guaranteed-for-life pension, there is a compelling argument for annuities, or at least partial annuitization. That of course is why annuities have always been one of the two main choices you are confronted with when you have to wind up your RRSP at the end of your 71st year.
Since few people want to cash out totally and immediately pay tax on the whole chunk, the vast majority of people either convert to a RRIF or to an annuity, although it’s not well understood that you can do both: this does not have to be an all-or-nothing decision…

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Should Eleanor invest her $20,000 in a TFSA or RRSP?
Q. I would like to invest $10,000 in an RBC mutual fund with a 4% dividend and another $10,000 in a fixed income Bond fund yielding 4%. Which account should I hold these in—my TFSA or RRSP—and does it really make a difference? Thanks, Eleanor H.
Eleanor, I need to be careful how I answer your question because there is no difference while invested, but there’s a difference when going into, and coming out of a TFSA or RRSP.
While invested; dividends, yields, capital gains, interest, it doesn’t matter, they all contribute to the growth inside the TFSA/RRSP and there are no tax consequences.
When deciding between a TFSA and an RRSP you want to consider your contribution approach, and your anticipated tax situation at the time of withdrawal.
If I am reading your question correctly, you’re really asking is there a difference between a TFSA and an RRSP and if there is, what is the difference?
You have $20,000 to invest, and I’ll assume that you have the room to contribute to either the RRSP or TFSA, and your marginal tax rate is 30%…

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CTV NewsInvestigation into cause of massive Streetsville fire will be 'painstaking,' fire chief saysCTV NewsA “painstaking” investigation into the cause of a massive “wind-driven fire” at an under construction residential building in Mississauga is now underway, the city's fire chief says. The three-alarm fire broke out at a four-story under construction …'Painstaking' investigation begins after massive Streetsville fireToronto StarWARMINGTON: Massive fire ravages construction site near retirement homeToronto SunFire destroys 4-storey residential building under construction in MississaugaGlobalnews.ca570 News -CP24 Toronto’s Breaking News -National Post -The South Bayview Bulldogall 31 news articles »

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