RRSP to RRIF

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I retired at 50 five years ago. my income at 65 will be more than I get at present. I don’t have a big RRSP and was thinking of turning it into a RRIF. Taking the smallest amount I can and at the end of the year topping up our (the wife and I ) TFSA but this means I will not get the tax brake on my RRSP contributions. Not sure what to do.

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Asked on April 16, 2021 4:24 pm
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Thanks

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Posted by Dan Kent
Answered on April 17, 2021 7:15 pm
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To be honest, a question like this is best left to an accountant. We are far from tax experts here, and although I do know the basic tax rules and generally how most taxation works, everyone's situation is different.

Back in the early days of Stocktrades, I was burnt a few times by generically answering questions like this, because the people had other income I didn't know about, property they were disposing of, pensions etc. It's just impossible to answer this without a persons full story. And even then, that information would be much better in the hands of an accountant.

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Posted by Dan Kent
Answered on April 17, 2021 9:02 am
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