Author Topic: RRIF advice for parents in Canada  (Read 1153 times)


  • Pencil Stache
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  • Location: Canada
RRIF advice for parents in Canada
« on: October 21, 2016, 11:04:43 PM »
So I'm helping my parents figure out their RRIF.

One turns 71 this year. The other is early 60s.

So I think they will take the required withdrawls based on the younger spouse's age.

This article has some good tips.

Is there anything else I'm missing?

Is it worth making one more RRSP contribution before the end of this year?

I know most on this forum are well below 71 but maybe you've helped your parents too.


  • Walrus Stache
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  • Location: BC
Re: RRIF advice for parents in Canada
« Reply #1 on: October 21, 2016, 11:21:28 PM »
One key is to check for OAS clawback... 

If, with the RRIF, they are far from being hit with a OAS clawback,it may make sense to draw a little more than the minimum required...   especially if more income will come on line when the youngest is 65, 67 or 71 for example.   If they don't need all the income, put it into a taxable investment account...   

Using the younger spouse's age as the minimum is fine  (although I can't recall if you can use the age of someone as young as 60, so I am assuming yes here)... just withdraw a bit more until they hit at 20% income tax level...  if more invome / pensions in future.