Understanding The RRSP To RRIF Conversion

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TIMESTAMPS
0:00 - RRSP vs RRIF
1:20 - Multiple RRSPs/RRIFs
2:20 - Spousal RRSPs
2:52 - Withholding Tax
7:18 - Passiv
9:14 - Pension Income Tax Credit

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DISCLAIMER: This presentation is for informational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments carry risk, and past performance does not guarantee future results. Any forward-looking statements are based on assumptions and may not reflect actual outcomes.

The content on this channel is for educational purposes only and does not provide specific investment or planning recommendations. Viewers should consult a qualified professional for retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for any decisions made based on this content.

[MegsCarpentry-lovedogs]

This was a very important deep dive into RRIF strategies. Bookmarked for future reference. Very well done on the visuals as well 💯to help with those of us who are visual learners. 🙏🇨🇦

[ginocolello]

Great video as usual. Thanks Adam and thank you to all people that posted questions and answers very useful information!!

[MegsCarpentry-lovedogs]

Noted with thanks. 👍 Bridge benefit ends at 65, then say during age 64 switch RRSP to RRIF to get ready for when age 65 comes along and bridge benefit ends. Then withdraw from RRIF minimum amount, at this point age 65 is 4%, no withholding tax, and work on drawing down the RRIF . Do not take CPP or OAS and when RRIF at 71 has less in the "pot" then start up the CPP and OAS. During this period keep topping up the TFSA and keep investing the money to grow amount from the dividends without touching the TFSA. Less tax for your estate if you draw down as much as possible to eventually 0 in the RRIF because 1/2 of RRIF or RRSP goes to the government as part of the Estate taxes. Yes, indeed! Noted With Thanks. We are so fortunate to have your team help us. Gratefully, Prince Edward Island, Meg, Chiming in....always bookmark your vids to keep referring back to as you update us and reemphasize keep tax planning strategies. 💜🙏

[milenkoatkinson]

Wow what a great video and so well laid out with simple to follow explanations. All your videos are terrific and clearly demonstrate to me your fiduciary advisor role in ensuring all Canadians have an opportunity to be educated about their retirement. Great work!

[donaldmulrooney]

Started collecting Quebec Pension at 60, but continued working 5 or 6 months a year, started drawing OAS at 65. Decided to stop drawing EI then, kept working 3 or 4 months a year till 69. Then converted my RRSP to a RRIF and started drawing from it. Never reached any thresholds, and got a nice tax return every year, even got GIS.

[guillaumefournier]

Another great video thank you very much. Keep up the great work.!

[lizaroberts]

Your videos are so informative -- thank you!

[Hafizahmeda]

Great video. Well explained and covered the key topics to get started. Thank you.

[gordthompson]

Thanks Adam, good info here. Not sure you really want limit the withholding tax. Depending on your pension income it may not even be enough . I’d rather be in a refund situation than a pay situation at tax time. Gord

[pinavescio]

Great video! Thank you for the great, useful information!

[theok]

Great channel Adam! Enjoy all the strategy and info you share. Do you have a video with people that can live using their dividends and when they should start collecting CPP and OAS?

[jamegrabham]

That is a great explanation Adam...the $2, 000 tax-free pension credit is for all pension income, not just RRIF income...ie. pension from your employee's "defined benefit" pension plan would also qualify...p.s. I really enjoy your channel...

[BenzGL]

I would also add that a RRIF withdrawal qualifies for income splitting while a RRSP does not.

[christurner]

Nice! Exactly what I needed to know. Thanks

[luciat]

thank you for the info., much appreciated!

[marksopinionservice]

Very good info. At 2:30, attribution rules were mentioned and the 3-year rule. Adam does this apply to ANY spousal RSP or would there NOT be attribution for an older RSP with no new contributions for 4+ years? My wife has 3 RSPs, only one has received new $ in past 3 years. Thanks!!

[AnnieHolsen]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274, 800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family

[erikk]

Can you make a video about taking CPP and working ? Thanks

[sorooshd]

Can you also make a video on different scenarios of using RRSP & RRIF if you retire earlier than 65?

[albertiafrate]

Nice one Adam. Great vid. My Mum is hoping to save on her taxes for 2024. She converted her physical gold(held in a TFSA account) and transferred it into an RSP.
She is 68, and will turn this into a RIF at age 71. Will my Mum help out her T4(meaning less taxes paid to the government) by now having her physical metals in a brand new RSP. This transfer was finalized in November of 2023. My Mum is hoping that this will now be viewed as contributing to an RSP, and will receive a tax rebate for 2024. Thank you Adam!