Taking Money From Your RRIF? It Could Cut Your GIS Next Year

If you receive the Guaranteed Income Supplement (GIS) and you take money from a RRIF, that withdrawal is not just a tax question. Because GIS is based on your previous year's income, a RRIF withdrawal this year can be counted in your GIS calculation for the next benefit year. And unlike work income, RRIF withdrawals don't get the earnings exemption.

In this video:
✅ Why RRIF withdrawals can count as income for GIS
✅ How this year's withdrawal can affect next year's GIS
✅ Why the work income exemption doesn't apply to RRIF
✅ How TFSA withdrawals are treated differently
✅ When to ask Service Canada about a current-year estimate

⚠️ This is general information, not financial advice. Your GIS depends on your income, marital status, and situation. Confirm your details with Service Canada or a qualified professional before a large withdrawal.

📞 Phone Number
Service Canada: 1-800-277-9914

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Music: Acoustic Guitar 1 by Audionautix
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Видео Taking Money From Your RRIF? It Could Cut Your GIS Next Year канала Wise Senior Canada