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As promised, here are 3 more options you might want to consider for your RRSP: Your RRSP may now be an amended plan: If your RRSP was changed in 2017 and it no longer satisfies the rules under which it was registered, it is no longer considered an RRSP but an amended plan or fund. As such, the CRA will consider you to have received in 2017 an amount that equals the fair market value of all the property the plan held at the time it ceased being an RRSP. You may have other income and deductions from an RRSP: You...
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Are you nearing retirement? If you are, you might want to think about getting regular income from your RRSP. Generally, you may have a certain amount of flexibility on the types of income you can receive. You will have to contact your RRSP issuer and ask about the options available to you. Here are your options for your RRSP at any age up to the end of the year that you turn 71. Transfer your RRSP funds to a Registered Retirement Income Fund (RRIF): A year after you establish a RRIF, you can receive a minimum amount each year using a...
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