You’re heading towards the next stage of life where you’re worrying less about your career and more about your future. You’ve been a diligent saver, regularly contributing to your RRSP and amassed a sizable nest egg for retirement. Now it’s time to turn on the tap and start to draw down your savings in a way that results in the least amount of taxation?
That’s where a RRIF (Registered Retirement Income Fund) comes in handy. A RRIF’s purpose is to draw down your savings in a tax efficient manner instead of accumulating them.(more…)