Minimum RRIF Withdrawals & The Pension Income Tax Credit Explained

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RRIF minimum withdrawal chart: https://www.woodgundy.cibc.com/en/reference/retirement-planning/rrif-minimum-withdrawal.html

RRIFs have a minimum amount you have to redeem each year, but there is no maximum withdrawal. You have to withdraw the money at some point during the calendar year...it can be monthly, annually, or however you like.

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.

RRIF minimums can be based on the age of your spouse or common law partner, and you may be interested in doing this if you would like to have a lower required minimum withdrawal.

RRIF income is also eligible for the pension income tax credit, which is a $2,000 non-refundable federal tax credit. Even if you may not need the income at the time, converting $2,000 of your RRSP into a RRIF so you can be eligible for this tax credit is a good strategy. Here is more information on the tax credit to see eligibility requirements: https://www.advisor.ca/columnists_/frank-di-pietro/understanding-the-pension-income-tax-credit/

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.
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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.

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