Minimum RRIF Withdrawals u0026 The Pension Income Tax Credit Explained

Video quality	The size	Download

Information Minimum RRIF Withdrawals u0026 The Pension Income Tax Credit Explained

Title	:	Minimum RRIF Withdrawals u0026 The Pension Income Tax Credit Explained
Lasting	:	7.59
Date of publication	:
Views	:	62 rb

Hello, if you have a rrif of $100,000 at 65 you must take out 4 therefore $4000 are you taxed fully on $2000, and a tax credit of $2000 is the tax credit the full $2000 that you pay no tax
Comment from : @ronchenier6496

You should be able to leave your money in your rrsp and withdraw it as needed not as mandated whether you need it or not That seems fair to me
Comment from : @joebender3662

Hi Adam, Pension Income tax Credit ($2,000) Question - If I am 65 and drawing from a RIF Account and 2 LIF Accounts’s, do I get the $2000 Pension Income tax Credit from each account ? If not, can you elaborate on how it would work ?
Comment from : @rickstanhope7154

Can I share my RRIF with my wife who has no income?
Comment from : @newton227

What happens if some of your RRSPS are in mutual funds
Comment from : @ludwigboyadjian2252

Thank you for your advice, very informative I appreciate your videos
Comment from : @ludwigboyadjian2252

I always go back to this video when i forget You help me more than my advisor
Comment from : @killersparklesj6150

Do you offer on line consulting service ? If so how to contact you
Comment from : @suramson6436

Do you have your financial planner in Ontario Burlington
Comment from : @dalmavi1379

What is the process for withdrawing min RRIF $ from investments in stocks, bonds, ETF, etc Is it advisable to have the min amounts in cash in those investment accounts at your designated RRIF withdrawal date Seems obvious that you must sell a certain portion of your portfolio to accommodate the min Withdrawal $ Are there certain required dates for these sells?
Comment from : @davecallas5275

I tried looking up o line but I can't find anything If you retire early (before age 55 for example) can you convert RRSP to a RRIF? And if so, what's the you need to withdraw from your RRIF that year? (Let's say age 45 for example)???
Comment from : @HDCanadianTrainVideos

My income is 2488800 do I qualify for GIS
Comment from : @ernafuchs6999

Your videos are really informative! Thank-youbrbrIs this rule about withdrawing from each RRIF account still true in 2023? So if I have a CAD RRIF and a USD RRIF I would need to make the minimum annual withdrawal from each of them?brbr"You are allowed to have multiple RRIFs, but it's important to know that the minimum needs to be redeemed from each account; you can't redeem your 'total minimum' from just one account"
Comment from : @petert834

Another question, if you don't mind if I have my own company pension and also my RRIF withdrawals, do I get a $2000 tax credit for my pension payments and another $2000 for my RRIF withdrawals Or only for one of them? Which one? Thank you
Comment from : @Alex-ed8vj

Can you talk about company pension federal
Comment from : @josephinekumar9335

My question is if I have 6,000 rrsp in a bank and I have other rrsp in another institution as I am 64 now, I am allowed to turn that 6,000into rif this year? And leave the rest as is(rrsp)thanks for the advice
Comment from : @deliagabaon5962

Great info Thanks I am 68 and receiving pension for the previous 3 years I had no idea of the pension Income Tax credit and as such I didn't claim them Is there any way I can claim those in my next year return?
Comment from : @guachamaron123

Great info, however can't see the info re: what qualifies for the tax credit 2kthank you
Comment from : @Chap17

Is opening a RRIF account as easy as simple as opening a RRSP or TFSA? I won’t be opening (or converting my RRSP) until Year end of my 71st birthday I have a self-directed RRSP, and financial institution (mutual fund) RRSP account So in self-directed, I see they have the RRIF accounts, will I simply transfer over my Stocks, ETFS, and everything stays the same? Mutual funds at bank, they’ll do it for me (convert) it to RRIF?
Comment from : @missygilly9917

Can you transfer a RIFF from one institution to a bank without paying tax?
Comment from : @jaredvaughan1665

Can I buy a condo from Riif and live in it Sell my house and get benefit of gain on the primary house will it work
Comment from : @moerelan1

Hi Adam Great information! My question is what happens with a locked in gic within an rrif I believe banks have to allow you to withdraw the government stipulated minimum each year but what happens if you want to withdraw more than that?
Comment from : @petervol5069

I love your sessions Can you maybe do a session on what affect the possible China invasion of Taiwan will have on our retirement investments? Thank you!
Comment from : @kentucker6298

You have the best videos
Comment from : @janeto100

Are you using the 2022 rate of the minimum amount to be withdrawal as in 2020 the amount was reduced by 25?
Comment from : @bookbinding-sewingtextbook7911

Pension income tax credit - you mentioned withdrawals from your RRIF qualify, the first $2000 and that the credit is about 15 It seems numerous comments are under the impression that the credit is $2000 Please clarify Thank you
Comment from : @kathymooney1047

Adam, is my wife able to roll her rrsp and spousal rrsp into one rrif? And further to that could I add that to my rrsp turned to rrif so we just have one? Thanks Jeff
Comment from : @goodygoody5760

Hi Adam, thank you for your videos Are there strategies to avoid RIFF withdrawal fees ie fewer withdrawals or not changing the withdrawal amounts To be clear, I am not referring to taxes but fees to be paid Could this be something that you could provide a video on Thank you for making these informative videos
Comment from : @mayfieldmanor5344

Very pleased there is a host can keeps up & explains details as an assistantbrSave lot of time to searchbrBut need to slow down a bit to absorb
Comment from : @kwanchitse25

so a high valued rrif has to take out a lot of money especially later in life? what happens to that money that you dont actually need ? put it back into a private fund?
Comment from : @cd_8773

Hi Adam,brI am about to initiate an RRSP melt down (I am 58 will be 59 in April); and I am wondering if I have to withdraw money from my RRSPs in $5K increments with 1 or 2 weeks apart to save on income tax or can I withdraw $24K all at once? Thank you!
Comment from : @connielapierre1892

Why does the governments tax , something that we saved for , at the time we want to take out our own money , saved in a RRSP or a RRIF ? When we take money out of a regular bank account , the governments , don't tax us for that ?Is it because we saved money , when we received a reduction in our fiscal taxes at the end of the year ?
Comment from : @gerardvinet8448

The more I watch these videos, the more I realize how much I don’t know…brCan’t thank you enough for this I’ll be your future client 😀
Comment from : @evadeanu1

Hi Adam very informative videos for Canadians There is a lot I learned from your videos What happens to the investment in stocks and ETF as we start withdrawing from RRIF as the non invested amount slowly drains out, do we have to liquidate all the assets Is there any other provision for the invest asset Thanks in advance
Comment from : @Archie2060

Do you have a video on the upper and lower withdraws for a locked in RRIF?
Comment from : @gerardbarry9276

I am 62 and I have to retire now Converting part of an RRSP to a RRIF will help Can I income split with my wife before I am 65
Comment from : @gerardbarry9276

If I make four withdraws per year from my RRIF can I take the minimum out four times without tax? Example withdraw 16,000 out of a 100,000 RRIF without holding tax Or is the minimum only once a year and the other withdraws have tax withheld?
Comment from : @gerardbarry9276

Hi Adam If you are only pulling income from your RRIF based on the dividends generated each month as your income stream at age 65 ( no other income) would I be correct that based on a 4K monthly withdrawal that the withholding tax would be 30 of 4K for each monthly withdrawal?
Comment from : @leemehlhorn

How would one do a minimum withdrawal from a RRIF GIC, when the GIC is non-redeemable ?
Comment from : @astalavistababy-g5o

i am 67 already but started receiving my CPP when I turned 62, got a survivors income and when i turned 65 I quit my part time income with still a full time income yet and planning to quit when i turned 70 I have an RRSP and still contributing from work when can i get my RRSP or can I covert it to the RRIF what are the consequences of taking out money if converted to RRIF
Comment from : @rlenv

Hi Adam, Understood that your RRSP has to be transferred to RRIF at the age of 71 Does the Spousal RRSP have to be transferred to RRIF at the same time or transferred when your spouse turns 71
Comment from : @tapansen4913

My wife has a government pension and I have no pension If she has me claim up to 50 of her pension cheque does that amount let me claim the $2000 pension credit amount ? - Thanks
Comment from : @123scanman

Your video's regarding RRIF and this can start as early as 55yrs, is really helping with the planning of what is coming Looks like lower income will be at 65 yrs of ageso hold off on OAS and CPP and dip into the RRSP until 71this clarity is wonderful to haveso thank you so much I shared one of your vids with two other people who are in their early 60'sto help them think carefully 🇨🇦 💯
Comment from : @MegsCarpentry-lovedogs

Hi Adam brI have locked in RRSP from my old employer I quit back in 2003 I was told by Canada Life that it has to be converted to a locked LIF and from there I can unlock up to 50 and transfer it to RRSP at another financial institution and from this account I can withdraw any amount any time The other half is supposed to be set up the way you are saying So confusing I would appreciate your input Love your videos, very helpful
Comment from : @Andrew21882

Hi, My RRSP are all Stocks Investments so when I turn 71 yrs will these same stock just transfer to RIF Stocks Thks,
Comment from : @joanner2644

I have only spousal RRSP because I never workedbrCan you talk something about spousal RRSP when converting to RIFF?brI am 68 now, my husband is still working, 80k income for the year Am I qualified for GIS?brThank you very much I will check for your reply when I watch this video again
Comment from : @lucylucy9311

Hi Adam, is there any advantage to converting a portion of RRSPs to a RRIF before 65? I realize there’s no withholding tax on the minimum required withdrawal, but I don’t see this as a benefit I’d rather pay a withholding tax and potentially see some or all of it back later Thanks!
Comment from : @richm4402

If you are getting income from a RRIF and you are not 65 yrs old, can you still get the Pension income tax credit?
Comment from : @sylviebarabe-chin4801

Hello Adam Saw your video on pension income tax credit I have a maxed tfsa, maxed rrsp, and non registered accounts Turning 65 next may, I have had little or no income for the past 10 years Is there a way for me to benefit from the pension tax credit?
Comment from : @hildabaumhard9c438

Does Parallel Wealth have financial planners in Quebec?
Comment from : @mariegeaston2233

Hi Adam,brI love your videos about RRSP to RIF and i am reaching 65 next yearbrMy question to is while i was watching your video about RRSP withdrawal i heard you were saying that if i withdraw money from my RRSP i have to pay withholding tax which i know but i want to ask what will happen if i withdraw $5000 in installment say every month 5000 and how do i have to pay withholding taxbrbrDo have to pay only 10 every time or max 30brbrThanks
Comment from : @humayunkhan7585

This is what I did to save some tax $ is instead of receiving a monthly income from my RIF's, I withdraw the required minimum in one lump sum in December Any income earned is tax protected for almost a year
Comment from : @terrygorsuch4898

Can we both , my wife and I , claim 2000 each Income tax credit?brThank you
Comment from : @bobabobic4314

super great tip thanks
Comment from : @normjones6916

what if I forget to take out the min required RIF in one year, what will happen?
Comment from : @ybc8495

I’m 56 with 1100000 in LRSP and plan on retiring at 63 Should I start taking out now since my income will be higher when I retire ?brThx
Comment from : @lancewindsor-brown3367

Can you transfer your investments (in kind ) from your RRSP to a RIFF when you are required to transfer funds at 71?
Comment from : @nowcjm

Hi, Adam What do you think of RRIFs invested in high yield covered call etfs & income funds Since minimum withdrawals are way lower I believe in the first 10 - 15 years compared to yield, you get to maintain your principalYour input would be greatly appreciated Thanks!
Comment from : @bongkitopascual7655

How much do I draw out from RRSP into rrif to withdraw a minimum $2000 from rrif to benefit from pension tax credit of $2000 if I'm 57 years old and on the way to retire
Comment from : @Udjeox

I am retiring in about a month and have a defined benefit pension, cpp and oas, along with about 100k in an rrsp What would you suggest l do with the rrsp Should l convert it to an RRIF or just draw out a certain amount from my RRSP I really don't need the extra money so should l just leave it till 71?
Comment from : @JoeS1956