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⭐️⭐️ Most Canadians discover this RRSP-to-RRIF tax trap too late

Converting your RRSP to a RRIF may be simple, but the decisions surrounding that conversion can have a major impact on your retirement income and lifetime tax bill.

In this video, Rob explains what happens when an RRSP becomes a RRIF, why waiting until age 71 to begin planning can be costly, and how RRIF minimum withdrawals affect your taxable income.

You'll learn about early RRSP withdrawals, RRIF withdrawal strategies, the spousal age election, CPP and OAS considerations, potential OAS clawbacks, and the tax consequences of leaving a large RRIF balance in your estate.

The goal is to help Canadian retirees better understand how to manage their RRSP and RRIF income strategically rather than simply following the mandatory minimum withdrawal rules.

Whether you are already retired, approaching retirement, or beginning to plan how you will draw income from your registered accounts, these RRSP-to-RRIF planning strategies can help you ask better questions and avoid costly retirement tax mistakes.

Enjoy!

CHAPTERS: 00:00 - The RRSP to RRIF Landscape 01:02 - RRIFs Explained 01:44 - Mistake 1: Waiting Too Late 03:26 - Mistake 2: Minimum Withdrawals 04:50 - Mistake 3: The Spousal Age Election 05:42 - Mistake 4: Leaving a Large RRSP Balance 06:43 - Mistake 5: Going on Autopilot 07:36 - What You Should Do Next

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