RRIF
Loopholes Tagged "RRIF"
Plain-English guides to Canadian legal rights and workarounds related to RRIF.
Beneficiary Designations: Bypassing Probate on RRSPs, RRIFs & TFSAs
Naming a beneficiary on your RRSP, RRIF, TFSA, and life insurance policies causes those assets to pass directly to your beneficiary outside of your estate — avoiding probate fees (up to 1.5% in Ontario), delays of 6–18 months, and public disclosure of your estate.
Pension Income Splitting (T1032) — Cut Your Retirement Tax Bill in Half
Retired couples can allocate up to 50% of eligible pension income to the lower-earning spouse simply by filing Form T1032 — reducing taxes, avoiding OAS clawback, and unlocking the pension income tax credit.
RRIF Younger Spouse Age Election — Lower Your Minimum Withdrawals for Years
When you set up a RRIF, you can elect to base minimum withdrawals on your younger spouse or common-law partner's age.
RDSP Rollover From a Deceased Parent's RRSP or RRIF — Move Retirement Money Into a Disabled Child's RDSP
In some cases, amounts from a deceased parent's or grandparent's RRSP, RRIF, or registered pension plan can be rolled into a financially dependent infirm child's or grandchild's RDSP on a tax-deferred basis.
RRSP Meltdown Strategy — Draw Down Your RRSP Tax-Efficiently Before Forced Conversion
Canadians who will have large RRSPs at 71 face a 'RRSP time bomb' — mandatory RRIF minimum withdrawals that push them into high tax brackets.