http://www.pennysaverblog.com/the-best-worst-time-to-make-an-rrsp-withdrawal/ Smart Finance and Money Saving Tips Wed, 01 Feb 2012 09:48:43 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.pennysaverblog.com/the-best-worst-time-to-make-an-rrsp-withdrawal/comment-page-1/#comment-859 Cleo Hamel Fri, 16 Sep 2011 13:20:26 +0000 http://www.pennysaverblog.com/?p=1531#comment-859 Hi Maureen - Keeping the income for each under approx $41,000 will ensure that none of the money will be taxed at the 22% federal tax rate. By withdrawing now from the RRSP it will reduce the amount that must be withdrawn at the later date and perhaps save some tax by keeping that income a little lower as well. But there are other factors to consider so you might want to talk to a financial consultant before taking action. Hi Maureen – Keeping the income for each under approx $41,000 will ensure that none of the money will be taxed at the 22% federal tax rate. By withdrawing now from the RRSP it will reduce the amount that must be withdrawn at the later date and perhaps save some tax by keeping that income a little lower as well. But there are other factors to consider so you might want to talk to a financial consultant before taking action.

]]> http://www.pennysaverblog.com/the-best-worst-time-to-make-an-rrsp-withdrawal/comment-page-1/#comment-856 Maureen Thu, 08 Sep 2011 12:45:28 +0000 http://www.pennysaverblog.com/?p=1531#comment-856 My husband’s registered pension is $66,000. As well as splitting income, how much rrsp should we withdraw each to maximize taxes? Should we try and keep each of our incomes under $41,000 to pay the least amount of tax? We have other money in savings etc. It is not an issue of spending requirements or long term projection. I won’t be receiving an income until I turn 55, at that point I will be withdrawing from my RRIF. I thought that since I have 3 yrs of no income we could benefit from withdrawing rrsp money to save from paying more taxes at a later time when our income will be higher. Thanks Maureen My husband’s registered pension is $66,000. As well as splitting income, how much rrsp should we withdraw each to maximize taxes? Should we try and keep each of our incomes under $41,000 to pay the least amount of tax?
We have other money in savings etc. It is not an issue of spending requirements or long term projection. I won’t be receiving an income until I turn 55, at that point I will be withdrawing from my RRIF. I thought that since I have 3 yrs of no income we could benefit from withdrawing rrsp money to save from paying more taxes at a later time when our income will be higher.
Thanks Maureen

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