RRSP Withdrawals Before Retirement - Is it Ever a Good Idea?

[@KimJilene]

Would love to know why Ted isn’t a fan of TFSAs 🤔

[@davidhughes6048]

It was a dopey comment to call them “strange”.

[@debbielockhart7762]

He has no credibility to me whatsoever.

[@brodieflis4011]

Not being a fan of TFSA is definitely a first for me.

[@mikey2603]

The second I heard that, I know they have no clue.

[@debbielockhart7762]

As soon as I heard that I knew the guy's an idiot.

[@gimusk5667]

I plan on retiring early (before 65) so my taxable income will be 0. Thats when I'll be taking money out of my rrsp, so pay very little tax. The deduction I got along the way (high taxable income bracket) made me further ahead.

[@APICSKH]

But for zero taxes you may need to contend with limited cash, if you have TFSA or cash account for top up then it’s a great Idea. But I would say paying a little more tax in early years may save you from drawing down from your TFSA and cash account. I would save TFSA for a big purchase as a new car etc. congratulations on your retirement 👍

[@K.L.M.Online]

This is very helpful information - thank you!

[@rc-bd2ux]

As I recall (reading in the fineprint) when we used our 35 k from our RRSP for our first home there is a 3 month waiting period from time of depositing and withdrawing from the RRSP account.

[@veneetbansal8559]

First $14999 income in Canada no tax

[@rochester3]

theis no more home byers plan

[@billyrock8305]

😮😮 CRA gets 1/2 your RRIF upon death 💀

[@WATCHLLS]

Anytime you can tax efficiently remove money from your RRSP & move it to a TFSA is a plus. RRSP’s are the biggest tax scam our government ever created.

[@APICSKH]

No kidding 😂

[@josephkeith6954]

Why do we need RRIF? Seems redundant.

[@rochester3]

FHSA is the better account

[@MinnieOnCam]

Is there information with the new FHSA