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While your savings are tax-sheltered in an RRSP until you turn 69, at that time you must either cash in your plan, or convert it into an annuity or RRIF before the end of the year in which you reach age 69. RRIF is a tax deferral vehicle available to Registered Retirement Savings Plan (RRSP) holders who can convert the funds from the closed RRSP in the RRIF, which can be considered to be a continuation of your RRSP. Your funds in a RRIF continue to grow on a tax sheltered basis and you continue to choose how your funds are invested. However, you can not make any new contributions and each year you must withdraw a set fraction of the total assets in the fund. RRIF withdrawals are considered a part of your income and are taxed as such by the Canadian Revenue Agency in the year you receive payouts. In order to maximize your tax savings, it's best to withdraw as little as possible and as late as possible. Our team of experienced financial services representatives is ready to assist you, and will be happy to answer any questions that you have. |
