I want my investments to provide income.
When you’ve finally reached you goal, your
may be tempted to cash in (deregister) the entire
RRSP and splurge on yourself.
There’s nothing
wrong with rewarding yourself for a lifetime of saving
and hard work. But withdrawing all your savings at
once will result in the entire amount being taxed.
So with substantial savings, your withdrawal will
be taxed at the highest rate.
Remember that these savings are going to support
you throughout your retirement, not just the beginning
of it. So you need to make sure that it
can last. |
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While most of us dream
of retiring early, delaying retirement can help maximize
tax-deferred growth. In addition, minimizing the
amount withdrawn from your RRIF can keep that growth
working for you.
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