7 Strategies to Take Money Out of Your RRSP and RRIF Without Giving It All to CRA

Video Description

In this video, CPA Cherry Chan breaks down 7 proven RRSP and RRIF withdrawal strategies to help Canadians reduce taxes in retirement, avoid OAS claw backs, and prevent massive tax bills at death. You’ll learn: ✅ Why doing nothing with your RRSP can trigger a 50%+ tax hit ✅ When it makes sense to withdraw before age 71 ✅ How RRIF income splitting works after 65 ✅ How CPP and OAS timing impacts your tax bracket ✅ Where to hold investments for maximum tax efficiency ✅ When advanced strategies like an RRSP meltdown may (or may not) make sense This episode explains Canada’s progressive tax system in plain English and shows how smart planning can help you keep more of your retirement money instead of handing it to CRA. 📌 Resources mentioned: • Tax credits vs tax deductions: https://youtu.be/BSfjbZWyc3U?si=adp8iGBcmmFNrmBO • Book a personalized RRSP/RRIF withdrawal consultation with my team: (416)548-4228 or, [email protected] Key Moments In This Episode ======================== 00:00 – Why RRSP withdrawal strategy matters more than saving 02:00 – What happens to your RRSP or RRIF when you pass away 03:49 – Strategy #1: Withdrawing RRSPs earlier than expected 04:27 – Strategy #2: Which account to withdraw from first (RRSP vs TFSA) 05:20– Strategy #3: RRIF conversion & income splitting at 65 05:58 – Strategy #4: Delaying CPP & OAS to lower lifetime taxes 07:53 – Strategy #5: Use a Spousal RRSP with intention 09:04 – Strategy #6: Invest Strategically across your accounts 13:58 – Strategy #7: RRSP meltdown explained (advanced planning) Don’t forget to subscribe to my channel for more videos on Canadian real estate and tax-saving strategies so you don’t miss a thing! ---------------------- Please make sure to speak to a professional that knows your personal situation before making a decision. If you need to talk to someone on my team, email us at [email protected] ---------------------- SIGN UP FOR OUR NEWSLETTER Want to stay up-to-date with all the latest news about Real Estate Tax Tips, receive weekly tax tips and free real estate investment resources? Then subscribe to our newsletter here: https://realestatetaxtips.ca/youtube-... Struggling with the question "To incorporate or not incorporate?" I have put together a free resource to help you fix it fast. Grab the “7 Questions to Ask Yourself When Deciding to Incorporate” Report here: https://realestatetaxtips.ca/free-rep... FOLLOW ME ON SOCIAL MEDIA: Facebook: / realestatetaxtips Instagram: / realestatetaxtips ---------------------- ⭐Cherry’s Best Real Estate Tax Tips ⭐➡️Canadian Election Tax Policies – Final Update Before You Vote: • Canadian Election Tax Policies – Final Upd... ➡️Top 9 Tax Deductions & Credits You Don’t Want to Miss on Your 2024 Tax Return (Filed in 2025): • Top 9 Tax Deductions & Credits You Don’t W... ➡️Everything You Need to Know About Canadian Election Tax Policies: Part 2: • Everything You Need to Know About Canadian... ➡️Cash for Keys – Is It Tax-Deductible in Canada?: • Cash for Keys – Is It Tax-Deductible in Ca... ➡️Everything You Need to Know About Canadian Election Tax Policies: Part 1: • Everything You Need to Know About Canadian... ---------------------- DISCLAIMER: Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice. The information contained in this video is for general information purposes only. The information is provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan. While we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the article or the information, products, services, or related graphics contained on the presentation for any purpose. Any reliance on such information is, therefore, strictly at your own risk. In no event will we be liable for any loss or damage, including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of or connected with the use of this information. #CherryChanCPA #RealEstateTaxTips #RRSP #RRIF #CanadianTaxes #RetirementPlanningCanada #RRSPWithdrawal #RRIFWithdrawal #OASClawback #CPPPlanning #TaxPlanningCanada #RetirementTaxes #CanadianCPA