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You can now take out $2,000 a year from a RRIF without paying federal income taxes i f you’re over 65, up from $1,000 previously. This will let you save around $305 a year in tax, up from $153. To take full advantage of the credit, you can transfer approximately $9,100 to a RRIF at age 65 (which assumes a growth rate of 5% a year), and then take $2,000 out per year from ages 65 through 69. This lets you take $10,000 out of your RRSP free of federal tax free over five years before you are required to convert your RRSP to a RRIF at 69. However, before converting part of your RRSP to a RRIF, you’ll want to consider your personal circumstances. If you need the funds from your RRSP for ongoing expenses, then you should take advantage of the $2,000 annual pension t ax credit. By taking the $10,000 out a few years earlier, you’ll save…