Tag · Canada
retirement planning
Loopholes Tagged "retirement planning"
Plain-English guides to Canadian legal rights and workarounds related to retirement planning.
Medium If You Pay Taxes
Income Splitting with a Spousal RRSP
A spousal RRSP allows the higher-earning partner to contribute to the lower-earning partner's RRSP, claim the deduction at a higher marginal tax rate today, and then have the lower-earning partner withdraw those funds in retirement at a lower marginal rate — potentially saving tens of thousands of dollars in lifetime tax.
Medium If You're Saving for Retirement
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.
Hard If You're Saving for Retirement
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.