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A RRIF is a great retirement plan It works much like your RRSP In fact, you can hold all the same investments in a RRIF that you can in your RRSP However, there are two key differences between a RRIF and your RRSP First, you can t make contributions to a RRIF Second, you ve got to make withdrawals from a RRIF each year The amount of your withdrawals will depend on your age or the age of your spouse A RRIF also works like your RRSP in that any assets in your plan will grow tax-free until they re withdrawn If you want to transfer assets from one RRIF to the next, you ll be able to do this tax-free A RRIF is different from an annuity in that you control the investments that are made If you re not comfortable with this task, the RRIF can still be a real hands-off option if you link up with a trusted nancial advisor who can help with
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the investment decisions Further, a RRIF can provide for a more exible income in retirement because you can control the timing and the amount of your withdrawals, although you must make at least the minimum withdrawal each year (see the table on page 294) With an annuity, your annual income is basically xed from the start Another advantage of the RRIF is that it doesn t disappear upon your death or the death of your spouse Your kids will actually receive the balance of your RRIF, albeit after taxes, once you re gone The key drawback to the RRIF is that, if you re not careful, you could make big enough withdrawals in the early years of the RRIF to leave you with very little income in your later years Proper planning should put this concern to rest, however In the end, you ll need to decide which of these three options is best for you I believe that in most cases the RRIF is the way to go, but speak to a trusted nancial advisor before making this nal decision you may have to live with your choice for a lifetime
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When your RRSP matures in December of the year you turn 69, you ve got three choices for those assets: make a lump-sum withdrawal, buy an annuity, or roll the assets over into a RRIF The annuity and RRIF options will allow you to defer tax, while the lump-sum option won t In most cases, the RRIF option will be best, but speak to a trusted financial advisor about what would be best for you before making a decision that you may have to live with for a lifetime
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Tim s Tip 84: Defer tax on your RRIF withdrawals as long as possible
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The longer you defer withdrawals from your RRIF, the longer you ll enjoy a tax deferral There are two ways to minimize your RRIF withdrawals
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I remember reading one time about a 70-year-old man from Toronto who married a young woman aged 22 Someone had asked him: Aren t you concerned about marrying a woman so much younger than you Why should I be he said She s in great health If I didn t know that they had married for true love, I would suspect that maybe he had some tax planning in mind You see, the required minimum withdrawals from your RRIF each year will equal the balance in your RRIF at the start of the year multiplied by a percentage based on your age or the age of your spouse or common-law partner If your spouse is younger, then the percentage that you ve got to withdraw each year will be less if you use your spouse s age in the calculation And the tax collector will let you use the younger age, provided you establish this when you set up the RRIF
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hen Ken set up his RRIF last year at age 69, he decided to base his RRIF withdrawals on the age of his spouse, Leslie, who was just 63 at
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the time Ken had $100,000 in his RRIF at the beginning of this year, and because he was 69 at the start of the year, he would have to withdraw 476 percent of his RRIF assets ($4,760) from his plan this year if he based those withdrawals on his own age However, if he based the withdrawals on Leslie s age, he would only have to withdraw $3,700 As the couple gets older, the savings from
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If you keep your annual RRIF withdrawals to the minimum amount, you ll avoid having taxes withheld by your nancial institution This will give you more money up front to
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