Unlock $75,000 in Tax-Free Retirement Income | Expert Tips on Tax Credits

[@planeasy]

Thanks for having me on again David! Lots of great retirement planning opportunities for regular Canadians, glad we got to highlight a few of them in this video!

[@KarenDewhirst-ec3to]

Excellent episode!

[@dougwalt3683]

If you take 15000 from rrsp year prior turning 65, will OAS be decreased? or does OAS benefit decreases, if you take rrsp money out anytime after 65 ?

[@SteadyhandInvestments]

OAS clawback is based on the previous year’s net income. Your OAS benefit at age 65 may be impacted if the RRSP withdrawal at age 64 increases your income to the point where you are in the OAS clawback threshold.

[@MsLinda165]

I'm not quite 65;, I will be this year. When I did my taxes on UFile I didn't see the notification line for Pension Income Tax Credit. Does this line automatically get filled? Also, are we not taxed when RRSP money is moved to RIF? This is all news to me.

[@paulb9156]

From the CRA website “The minimum amount must be paid to you in the year following the year the RRIF is entered into. Earnings in a RRIF are tax-free and amounts paid out of a RRIF are taxable on receipt. You can have more than one RRIF and you can have self-directed RRIFs. The rules that apply to self-directed RRIFs are generally the same as those for RRSPs. “ Hope this helps.