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Retirement Tax Tip #3

Retirement Tax Tip #3

SUMMARY RRSP must convert to RRIF when annuitant turns 71 Minimum annual withdrawals from RRIF start when annuitant turns 72 Younger spouse’s age may be used to determine withdrawal prescribed factor Lower withdrawal factor requires lower minimum withdrawal Lower...
Withdrawing from an RESP

Withdrawing from an RESP

Minimizing tax and maximizing flexibility when your student heads off to school. By Scott Boassaly, MBA, President and Principal Advisor at Balance Financial   SUMMARY It’s that time of year again when high school graduates are off to post-secondary schools all...
Retirement Tax Tip #2

Retirement Tax Tip #2

SUMMARY  Most income sources in retirement are taxed By timing the withdrawals from your RRSP/RRIF and deferring your CPP benefits, you can maximize the Guaranteed Income Supplement (GIS) GIS is not taxed and provides tax-free cash flow in retirement A maximized TFSA...
RRSP Contributions at age 71 (or older!)

RRSP Contributions at age 71 (or older!)

Here’s the scenario: • Andy turned 71 this year and has earned income of $125,000 in the current year; his spouse, Mariam, is 68 and is retired. • Andy will be entitled to $22,500 in RRSP contribution room in 2022. Here’s the problem: • Andy cannot make RRSP...