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Many older investors are asking this question after being forced to take out more money than they may want or need from their RRSPs, especially when they’re converted into registered retirement income funds and theIssues include the tax hit when taking money out of the RRSP or RRIF later in life and the potential clawback ofif your income exceeds the annual threshold, which was $81,761 for 2022. Dying with too much money in your RRSP or RRIF can also trigger a huge tax bill on an estate.
We asked Kevin Tran, Managing Partner & Head of Wealth Planning, Our Family Office Inc., Toronto, to answer this one:
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