RE:RE:Drip it for nowTimeBuilder wrote: MAGIC 27 Good Plan on your part...Based on your factor( age)
Note:.We Dripped everything including CHE.un in our RRSP's until we were forced @ 71 to convert into RRIF's & at that point we were forced to make annual taxable withdrawals...So CASH is required from these accounts to make the payment transfers required by the CRA ( tax man). Currently we only DRIP (to our advantage) in our TFSA accounts (eg BTB.UN) as a CDN these TFSA accounts should always be maxed before making a deposit in any RRSP's IMO TFSA's are a tax free savings plan while RRSP's are just a tax deferring savings plan. Sounds like you are on the right track in long term investing.. Regards & all the best in the market place, TimeBuilder PS: our profile still holds true as we age... :>)
Hey TimeBuilder__I have some VERY GOOD News for YOU
You do
NOT HAVE to TAKE OUT Your Annual REQUIRED AMOUNT in CASH
Everyone IS ALLOWED to Take OUT the Annual REQUIRED AMOUNT using a
TRANSFER IN KIND__which basically means YOU Transfer shares from Your
RRIF to Your Trading/Margin account
You DO HAVE to CALL Your Broker to get this done__all they do is using the closing
share price
they calculate HOW MANY shares need to be Transferred in Kind for the
Full Annual REQUIRED AMOUNT__then they do the Transfer usually with No Charge
or Commissions.