RRSP Withdrawl - how to take money out of your RRSP

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Information RRSP Withdrawl - how to take money out of your RRSP

Title	:	RRSP Withdrawl - how to take money out of your RRSP
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** If you have a spouse at a different income level, you probably can benefit from income splitting your RRIF starting age 65 See my latest video on this and other income splitting / tax deferral strategies youtube/oDAz_EhHCKc ! **brbrHere are some ways to cash out your RRSPs tax free This video also explains what happens if you withdraw before retirement, the options you have at age 55 and what happens at age 71 Let me know your comments !
Comment from : Julien Regoli

Missed a couple of tipsbr1) you can unlock 50 of locked-in rsp in some provinces at age 55 by converting the other 50 to a LIFbr2) If you withdrawl in increments of $5000, the witholding tax is only 10 You will have to pay more at tax time but only totals 13 if you stay under the 2nd tax bracket rather than paying 20 and waiting to get a refund at tax timebr3) Taking CPP at 60 When I do a breakeven analysis, mine worked out at age 73
Comment from : Skeptical Canuck

Great videodoing ific
Comment from : Lester Henry

Hi, while working at 65, can i convert a mutual fund , say #1, to a rrif so that i can remove the $2k a year tax free But my other mutual fund, #2, still put money in until i stop working at 68? What are the rules?
Comment from : Alutious

I'm seeing info contradicting your approach so curious what you think about the idea of hitting rrsp hard to delay cpp and get more overall income over a longer periodalso theoretically paying less tax
Comment from : Paul Carey

informative thank you
Comment from : Zenabu Bawah

Not the most attractive presentation of the material
Comment from : John Smith

speak louder1
Comment from : Eric T

Do you have an RRSP meltdown strategy video?
Comment from : Todd T

Hi I only have 11k in my rrsp and planning to move back to ph for Good Can I withdraw all by cash? Thanks
Comment from : miriam

Very well said, your presentation is absolutely outstanding and easy to comprehend as well There is a lot going on in the world now which will eventually affect the future either positively or negatively thereby causing on increase or decrease in the financial market and in order not to fall a victim, now is the time to start investing to secure a better future and make the best out of it while it's still worthwhilebrIn the mean time, I'm currently building my fiance and increasing my portfolio as I keep track of my progress
Comment from : Nicholas Woods

First house only?what about if the person hasn't bought a house in the past 5yrs?thnx
Comment from : Little Miss

People get an advisor and do it soonbrSo much better to optimize now than trying to fix it later
Comment from : Brian McGrath

Very informative, you didn't go into detail concerning locked in RRSPs, at what age can I start withdrawing from my locked in RRSPs and is the same amount of tax deducted as unlocked RRSPs, I live in Ontario if that matters
Comment from : dutch vandam

RRSP is made by the GOV, for the GOV Avoid this shit at all cost
Comment from : Konstantin Pankratov

Excellent presentation 👏 / with the RRIF - the -2- taxes involved is a withholding tax that can escalate up to 30 / the 2nd tax is based on the gross market value - calculated on January 1st - composed of all investments held in the RRIF - This calculation is based on your current age - which stipulates the gross withdrawal for the current year but you're given a choice of payment intervals - based on your own needs throughout the year - and the RRIF income is added to your other taxable income /brThats how I see the process unfold - correct me if I'm wrong - thank you
Comment from : Shirley Crosner

My parents can't afford their debt, my mom is disabled Are they able to withdrawal from the RRSP to pay off 20k in debt? How would one do that? Right now, they can't afford rent because of the high interest they need to pay on their debt
Comment from : F

This is my first time watching your content, it's great for us Canadians!! If I want to retire early but don't want to erode my RRSP, can I just withdrawal the dividends on a monthly basis? Thanks
Comment from : Paul Santori

So if i do day trading What should i do??
Comment from : Prince XD

Hi, what is the best way to withdraw my rrsp cause i am now planning to be back in my home country?
Comment from : Neil Annang

Let's say I invested in my RRSP and it grows from $10,000 to $20,000 (stocks), but now I want to purchase my first home Do I have to pay taxes on $20,000 or it's tax free? Thank you
Comment from : Dac Diec

3:08 do you mean the contribution is lost for that year alone? or every following year that will be your limit? ex you take 10k out one year, is every year after that deducting 10k off your contribution limit?
Comment from : Smudent

Hi I am a first time home buyer but the money in my rrsp is not 90 days old Is there any way to take out the money or will it be considered my income ?
Comment from : Kirandeep Kaur

I cashed out, paid the stupid withdrawal taxes, bought a cheap property in the middle of nowhere and stop worrying about the futurebrLiberals destroyed Canada!
Comment from : Metalworks Boilers

Hello sir I am trying to sponsor my parents to Canada I need 3 years of income around 40k a year I have two years set up but I will be going to school next year so can I put money in Rrsp this year 2021 and take out the same money next year 2022 I will be making 30 k next year so I just want to add those rrsp withdrawal to my income next year so I make my income 40 k next year as well
Comment from : Ibrahim M

Living in Japan… good info for when time to withdraw my RRSP comes!
Comment from : Benoit Lebeau

Thank you for this clear advices on RRSP/RRIF NEVER UNDERSTOOD IT🙏
Comment from : Wer Rew

Is this the opposite to people that promote rrsp melt down? Thanks
Comment from : Terrence G

hi what about withdrawing my gains in rrsp? I didnt get tax break on that one and my contribution is still untouched Am I still gonna pay double taxing; pay withholding tax and pay again at the end of the year when they added my withdrawal to my income?
Comment from : Wilbert Atienza

Best thing i did was get out of RRSP's
Comment from : R B

Some important information omitted First, you never explained the advantages to rolling funds in an RRSP over to an RRIF prior to age 71 For example, if I’ve retired at 55, to supplement my pension income, why not simply withdraw money from the RRSP? Why bother converting over to a RRIF and withdrawing from there The answer is of course that similar to pension income, income from an RRIF can be split with a spouse which would conceivably lower one’s marginal tax rate You never made this clear Secondly, you suggest near the end of the video to withdraw only the minimal amount from one’s RRIF This is a rather poor tax strategy Melting down one’s RRSP more quickly, and diverting unneeded funds into a TFSA will save a great deal of taxes in the long run
Comment from : The Run Life

Great video - was wondering more info about LIRA - what is the earliest you can withdraw from it?
Comment from : Athar Afzal

Hi looking to retire at 55 and do rrsp meltdown and quit our jobs TFSA are both filled with cash and assets on the side both me and my wife Life is short and we want to enjoy We are currently 51brWe want to live an easy life and very good at spending low income We are also set up on dividend income monthly for the extra money
Comment from : Pat G

What happens when you move your RRSP to Wealthsimple and keep reinvesting in the markets
Comment from : john kobialko

Great video, amazing content and everyone always has theae questions about rrsp Thank you brbrWhen you convert rrsp to rrif and give the money to insurance co for monthly payments - lets say your rrsp value was 100k and if one dies after 4 months of rrif conversion (payment was 10k), the remaining amount (90k) beyond 4 months payment, goes to the insurance co or to survivor in your family eg spouse?
Comment from : Paritosh Kharkar