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When To Convert RRSP To RRIF?
When to convert RRSP to RRIF? What is the right time to convert? What are the advantages of converting?
Converting an RRSP to a RRIF is mandatory by the end of the year you turn age 71. This triggers mandatory minimum withdrawals the following year and each year after that. The minimum withdrawal is based on the ending balance the previous year and the account holder’s age.
There is a common misconception that you should wait until the last possible moment to convert an RRSP to a RRIF. Maybe this is because it’s a “forced” conversion? Something that’s forced couldn’t be good right? Perhaps it’s because RRSPs grow tax free? Why not delay withdrawals as long as possible, why voluntarily make withdrawals by converting to a RRIF early?
Despite the misconceptions above, in many cases, converting an RRSP to a RRIF should be done much earlier than age 71.
There are many reasons for a retiree to convert an RRSP to a RRIF well before the mandatory age of 71. In this post we’ll highlight some of the considerations when deciding when to convert RRSP to RRIF.
9 Important Considerations When Selling Your Home In Retirement
The largest financial transaction you will ever make is selling your home in retirement. Selling your home in retirement comes with a number of important considerations.
In this blog post we’re going to touch on 9 important things to consider when selling your home in retirement.
Selling a home in retirement can be a core part of many retirement plans. A sale usually takes one of three forms…
– Sell and rent
– Sell and downsize
– Sell when entering long-term care
Often the plan is to hold the home throughout retirement, but it can still be used as a “fall back” asset if necessary. Even if there was never a plan to sell the home, it can still be used to help fund long-term care costs in late retirement.
Each situation above has its unique circumstances but, in all cases, there is a major transaction taking place. So, before you put up the ‘for sale’ sign in retirement there are a few important considerations to highlight.
The NEW First Home Savings Account (FHSA) Explained
There is a new tax advantaged account in Canada, the First Home Savings Account! Along with the TFSA and RRSP, the new First Home Savings Account (FHSA) is another great way to reach your financial goals in a very tax efficient way. The account provides a significant advantage to those planning to purchase their first home and creates a new option for parents who are thinking about helping their children with a future home purchase.
The new First Home Savings Account (FHSA) does add a little bit of complexity to an already complex landscape of tax planning options, however like the TFSA and RRSP, if used properly it can help accelerate progress towards financial goals like purchasing a home and planning for retirement.
When saving and investing for future goals you can now choose between TFSA, RRSP, and the new FHSA, and for families with small children, there is the RESP too.
The new First Home Savings Account is very new, so in this post we’re going to explore how this account works, the eligibility criteria, the contribution and withdrawal rules, some things to possibly watch out for, and some strategic options when using it within your financial plan.