Q: I have a question not related to the market or individual stocks. Thank you for providing a calming to all of us during these crazy times.
I am 65 years old and retired. I don't require funds from my investments as my pension covers living expenses. I am trying to reduce my RRSP account by withdrawing funds and putting that to my TFSA. I pay the tax. If I open a RIF and transfer a sum from RRSP, I can then SPLIT that income if I withdraw the amount to transfer to our TFSAs. My question is: Am I obligated to withdraw a minimum amount each year or not until age 71?
I could just ask my accountant, but thought maybe some other members would be interested in possible tax savings.
Thanks again for the great service you provide.
I am 65 years old and retired. I don't require funds from my investments as my pension covers living expenses. I am trying to reduce my RRSP account by withdrawing funds and putting that to my TFSA. I pay the tax. If I open a RIF and transfer a sum from RRSP, I can then SPLIT that income if I withdraw the amount to transfer to our TFSAs. My question is: Am I obligated to withdraw a minimum amount each year or not until age 71?
I could just ask my accountant, but thought maybe some other members would be interested in possible tax savings.
Thanks again for the great service you provide.