Crius Energy Trust Tr Unit CRIUF

RE:RE:RE:RE:RE:RE:RE:RE:Smart move

[Sadie222]

deisman03 wrote:

You can turn your RRSP into a RRIF at any time. The thing is you have to start withdrawing scheduled amounts immediately, which you pay taxes on. 

I rolled mine into a RIFF at 60 with monthly withdrawals that are slightly less than the distributions/dividends that are generated each month. They take the tax off before you get the cash.

I was actually trying to get the cash out of my RRSP when I retired. The reason I didn't manage it was the Cash Payout I received from the corporation I worked for provided a large amount of taxable cash that I wanted to defer the taxes on. The only way to do so was to put it into the RRSP, which was stared long before the TFSA vehicle came along.

There is a cap of $5500 per year on TFSA instalments.

The Conservative Party Of Canada tried to raise the contribution amount to $11K in 2015, but the TAX GREEDY liberal government canceled that within a month of winning the election. I won't go any further into that. 

I sincerely wish they had implemented the TFSA vehicle back in the seventies. Looking back, I would willingly have paid the taxes then, rather than now. 

GLTA the good folks here

The only cap is your contribution limit. It goes up every year, though the number may change. If you exceed it, you pay a 1% penalty per month on the overage.

Forget about “installments”. They don’t exist. You can contribute any amount at any time, just make sure your total contributions to date (from all sources) don’t exceed your limit.