Do you have an RRSP? Do you know what happens when you retire and its time to pay the tax man? An RRSP is a way to avoid paying tax today at the assumed higher tax rate and delay the payment to a date in the future when its assumed (once again) that you will be in a lower tax bracket, and therefore pay less in taxes to the CRA. The question that this article brings to mind is whether or not the rules for withdrawal are outdated and in need of revamping. Its a well known fact that Canadians are living longer now and potentially our savings need to last longer then past generations. What are your thoughts? Are you in agreement to changing the rates of withdrawal when you convert an RRSP to a RRIF? thestar/business/personal_finance/retirement/2014/10/30/the_high_cost_of_taking_money_out_of_your_rrsp_mayers.html
Posted on: Wed, 10 Dec 2014 15:30:00 +0000
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