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- 10% on amounts up to $5,000
- 20% on amounts over to $5,000
- 30% on amounts up to $15,000
RRSP Meltdown Strategy
The RRSP Meltdown Strategy is an aggressive drawdown of your RRSP(RRIF) early in retirement.
- Drawing down your RRSP will allow you to delay your CPP/OAC.
- Money left in your RRSP(RRIF) upon your death will be taxed as if it was income received in that one year.
- You can use your TFSA for emergencies while pulling an income from your RRSP(RRIF). ie. new roof, etc...
References
| Reference | URL |
|---|---|
| 20 Years of Canadian Retirement Knowledge In 1hr 57mins | https://www.youtube.com/watch?v=r9Da-mb-zSw&t=1667s |
| Budget Tracker and Net Worth Tracker | https://www.parallelwealth.com/tools |
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