All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
There are steps you can take to make sure you don’t outlive your retirement savings, writes Ellen Roseman..... More »
TFSAs win when it comes to flexibility. (Flickr) Q. TFSA or RRSP, which one is more popular today—and why? – Phyllis D. The RRSP marked its 50th-anniversary last year —but it looks like its Golden Age has already passed. While the RRSP still has more contributors than the TFSA, its lead is.... More »
Flickr 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 lea.... More »
Nathalie Ouelett, 54, works in the audit department of the Quebec government in Quebec City. She loves her job but says she has so much that she still wants to do in life that she’s going to hang up her hat from full-time work this July. “I have 177 sleeps to go,” says Nathalie, who laughs an.... More »
TORONTO _ Canada’s largest retirement fund manager is pushing to have more women on corporate boards because diversity makes for better business decisions, CPPIB chief executive Mark Machin said Friday. “This is a high priority for us,” Machin said in an interview after Canada Pens.... More »
Q: I’m a federal government employee and was thinking about take some time and using my RRSPs to live on during that time (1 year). My bank said I could turn my RRSPs into a RRIF and withdraw monthly from that for income. I’m only 40. Is this possible? I’ve read online that you must be at least 65 to withdraw from a RRIF.
A: You can certainly take Registered Retirement Savings Plan (RRSP) withdrawals to fund your leave, CL, subject to a few conditions.
First, if your RRSP is just a regular, personal RRSP account, there should be no limitations. You can take withdrawals at any point regardless of your age. Your online research is incorrect.
READ MORE: Should I convert my RRSP to a RRIF early?
If it’s a locked-in RRSP that has come from a pension plan transfer, the locked-in status should prevent you from taking withdrawals prior to age 55 unless you have financial hardship or a shortened life expectancy. Presumably, neither is the case as your leave sounds voluntary…