Monday Jan 10 - Retirement Income Distribution
Q: When should you start drawing income from your RRSP's?
A: You are required by law to convert your RRSP's into a RRIF at the age of 71. You can delay that to the end of the calender year and have your first payment come out in the following year. However, if you are considering doing it before that time, asset liquidation order is important. Conventional wisdom says to liquidate taxable assets first, then tax sheltered for income. But it is important consider your own circumstances and tax considerations.
Friday January 14th we are hosting a wealth management discussion featuring retirement planning. We have a few spots open so if you would like to attend call me at 868-5525 or visit our website.
A: You are required by law to convert your RRSP's into a RRIF at the age of 71. You can delay that to the end of the calender year and have your first payment come out in the following year. However, if you are considering doing it before that time, asset liquidation order is important. Conventional wisdom says to liquidate taxable assets first, then tax sheltered for income. But it is important consider your own circumstances and tax considerations.
Friday January 14th we are hosting a wealth management discussion featuring retirement planning. We have a few spots open so if you would like to attend call me at 868-5525 or visit our website.
Labels: K96.3 FM and 1150 AM
posted by David Allard at
10:26 AM
0 Comments:
Post a Comment
<< Home