Have you ever thought, "boy, I wish I could pay my taxes earlier than necessary!"? It may sound crazy, but there can be good reasons for a retiree to withdraw more than they're required to from a RRIF. In my column this week, I go into some reasons why you might want to do that – and consider some other options for seniors with no beneficiaries. As always, questions and comments are welcome to agalbraith@globeandmail.com Gift link below (first 30 clicks free): https://www.theglobeandmail.com/gift/abf033097f2aee7cc380b493716e784abcd3170694bf0ae4c6f2ccb5a67962f4/GSA3HYHEGJGSTDAMSPZDCG5LGY
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2 Comments
Brian K@discgolfer · 17dEdited
My wife and I are melting down our RRSP's/RRIF's at an accelerated rate. Income splitting keeps our effective tax rate below 11%. We are delaying CPP and OAS to 70 to benefit from the higher indexed income streams. Unused income from the RRIF withdrawals are used for contributing to TFSA's and non-registered accounts. I look forward to your upcoming article in the Globe and Mail.
Ed
@edsam · 16d
Since my RRIF is the last account for a large one-time withdrawal, I maximize the income from it with high-volatility covered call ETFs like $HDIV$HYLD$HHIS$QDAY$QQQY$HBTE
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