Taking full advantage of someone’s marginal tax rate can be a way to reduce taxes on RRIF withdrawals over the long term
, says Alex Skoke, a senior financial planning advisor with Assante Capital Management Ltd. in Stellarton, N.S. Instead of sticking to the minimum, he often bumps up withdrawals from a RRIF so clients take out as much as they can at their current marginal rate.
This approach eases money out of a RRIF gradually and is often more tax-efficient than deferring taxes as long as possible only to pay the highest marginal rate as someone hits higher withdrawal minimums into their 90s or passes away with a large RRIF balance. Her planning for RRIF withdrawals starts the moment clients start contributing to their RRSPs. Throughout those wealth accumulation years, it’s critical to consider when and how much it makes sense to contribute with an eye toward future withdrawals.
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