Do These 5 RRIF Tax Hacks Before Age 71

In this episode of AskTMFG, Carlo Cansino walks through five RRIF moves that most Canadians never think to make before age 71. The mandatory RRIF withdrawal itself can't be changed, but nearly everything around it can, and that's where the tax savings are hiding. He covers five specific hacks: converting a small slice of your RRSP into a RRIF at 65 to unlock the $2,000 pension income tax credit (and open up income splitting with a spouse), transferring investments in kind rather than cashing out when your RRIF minimum comes due so you're not forced to sell during a market dip, naming a spouse as successor annuitant instead of just beneficiary so the RRIF continues rather than collapsing and triggering a full taxable deregistration, using your last-ever RRSP contribution room in the year you turn 71 before the December 31 deadline, and naming a charity directly on the RRIF (rather than through your will) so the gift skips probate and generates a donation credit that offsets the final tax bill right away. He closes by noting these are exactly the kinds of details TMFG's advisory team walks through account by account, and invites viewers whose RRSP is converting soon to request a complimentary portfolio analysis. 👉 Watch the full episode here: https://youtu.be/7LMrNhrHlQM  Question for our listeners: Which of these five is the one you hadn't thought about before: converting early, in-kind transfers, successor annuitant, last-minute RRSP room, or naming a charity directly? 👉 Complimentary portfolio analysis: https://tmfg.ca/portfolio-analysis/ Follow us: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/