What Happens to Your RRSP When You Retire? (Converting to a RRIF)

Video Description

Business Inquiries: [email protected] Well Built Wealth: https://www.wellbuiltwealth.ca/ Links: - RRSP Vid: https://www.youtube.com/watch?v=OhLUUg-Ns5A - CRA RRIF Info: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-retirement-income-fund-rrif.html - Retire Happy | RRIF Conversion: https://retirehappy.ca/convert-rrsp-to-rrif/ - RRIF Minimums: https://mdm.ca/investing/investment-accounts/rrif/rrif-annual-withdrawals - Retire Happy | Pension Income Tax Credit: https://retirehappy.ca/are-you-taking-advantage-of-the-pension/ - Planning software we use: Conquest https://www.conquestplanning.com/en-ca/home ------ Intro (0:00) What Happens & When? (0:44) #1. Liquidate (1:28) #2. Convert RRSP to Annuity (2:19) #3. Convert RRSP to RRIF (3:14) Transferring RRSPs to RRIFs (4:22) Withdrawals (5:23) Limits (5:45) RRIF Minimums (6:33) Taxation (7:21) Pension Income Tax Credit (9:44) Multiple RRIF accounts (10:18) Converting Back to a RRSP(10:48) No 1st Year Minimum (11:17) ------ DISCLAIMER: All videos on this channel (including this one) are for educational or entertainment purposes only. They are not (and are not intended to be) financial, investment or legal advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and, therefore, does not provide specific investment recommendations. Those looking for specific investment advice should seek out a registered professional.