@researcher – Sorry, I made a mistake when I mentioned year 72 for RRSP conversion. I’ve fixed the comment. The RRSP has to be converted to a RRIF by Dec 31st of the year you turn 71. #2 – Yes, that is one account. It’s important to understand the terminology – an “RRSP...
Maxing out your RRSP is probably enough for retirement – if you manage yourRRSP to RRIF conversioncorrectly, and factor in yourCPPandOASpayments as well. Truthfully it’s difficult to answer this question without knowing more variables about your specific situation such as how much was your max...
but when you reach 71 and forced to convert the RRSP to an RRIF, you’ll be required to withdraw 5.4% of the account balance in the first year and increasing after that. If you have
WARNING: If you are also going to buy VTI in your RRSP for this tax advantage, make sure that you do actually use Norbert’s Gambit for the currency conversion. If instead you just let your brokerage buy the currency for you, then you will likely be charged a LOT more, making the wit...