Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.
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Retirement taxes explained: Withholding, clawbacks, and other surprises Sep 19th
Many working-age Canadians wonder what the impact of retirement will be on their tax situation. As you save and build wealth, it is important to plan for the eventual tax treatment of your retirement assets and income as you approach that transition.
Taxation in Canada
When you are.... More »
Stock news for investors: Laurentian bank and BRP + MORE Jun 6th
Here’s a round-up of news for Canadian investors this week.
Laurentian bank
BRP Inc
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings with 2.00% interest, tax.... More »
Maxed out your TFSA and RRSP? Here’s where to put cash Jan 24th
Canadians have many options for saving and growing their money. They can use registered savings and investment accounts, which offer powerful tax advantages. If you’re saving up a retirement nest egg, you likely have a registered retirement savings plan (RRSP) and a tax-free savings account (TFSA).... More »
Best cash-alternative ETFs for Canadian investors 2026 + MORE May 2nd
If the only investment account you have is a registered retirement savings plan (RRSP), you probably don’t need to concern yourself with cash or cash-equivalent holdings. But let’s say you’re in the market for your first home and you’re saving up a down payment. You can’t afford to lose mo.... More »
Stock news for investors: Dollarama, Transat and Roots release earnings Jun 13th
Here’s a round-up of news for Canadian investors this week.
Dollarama
Transat
Roots
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings with 2.00% interest, t.... More »
RRIF and LIF withdrawal rates: Everything you need to know
– moneysense.ca
At some point, a registered retirement savings plan (RRSP) is typically converted to a registered retirement income fund (RRIF). The latest you can defer the conversion of your account is the end of the year you turn 71. This means that by December 31 of your 71st year, you need to either withdraw the balance of your RRSP and pay tax on it, use the account to purchase an annuity from an insurance company, or convert it to a RRIF. Most Canadians choose to convert their RRSP to a RRIF.
You do not have to wait until age 71 to convert your RRSP. Most people consider doing so once they have retired.
RRIF withdrawal rates
The minimum age at which you can convert an RRSP to a RRIF varies by province: it’s 50 in some, and 55 in others. But starting the year after conversion, you must begin to make minimum withdrawals from your RRIF. The table below includes the minimum withdrawal rates for all RRIFs set up after 1992. It shows the percentage of the account balance (at the previous year-end) that must be paid out in the current year…
