Our free retirement ready e-book: [ Ссылка ]

In order to maximize the use out of your RRSP, it's extremely important to understand the rules related to withdrawing money from your account.

Pre-retirement, there are two main reasons why you would withdraw from your RRSP: The home buyers' plan, and the lifelong learning plan. These two plans are great options to fund a home purchase or if you are looking to further your education. The third reason would be if you are in a low tax bracket. Maybe you were laid off or you're at home raising your children...there are a number of reasons why you may be in a lower tax bracket during your professional career, and it may be helpful to start withdrawing funds from your RRSP in those times to reduce your tax bill.

At retirement, you're going to need to convert your RRSP to a RRIF. This must be done by at least the age of 71, although it can be done earlier than that. RRIF income can be split whereas RRSP income cannot, so that is something to look into when you are planning on converting your RRSP to a RRIF.

If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your savings plan on track.  You can email Info@Parallelwealth.com and we will set up a meeting with you.
-----------------------------------------
DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.

Take our Retirement Ready Assessment [ Ссылка ]

My daily read to stay connected [ Ссылка ]

свернуть