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Email this3:51 pm
December 20, 2024
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My husband has rrif's over at a couple of banks. Can I withdraw the whole amount from one bank and have it count as the 5.28% as a whole. Another way to say it is if I had 94,000.00 in one bank and had 6000.00 in another. Could I cash in the 6000.00 (which is more than the 5.28%) and put that on my taxes and leave the 94000.00 alone in the other bank.
That way I don't have to move my rrif I would just cash it in.
Thanks
11:35 pm
October 21, 2013
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The simple and true answer is "no".
You really have no control over this. Each FI willl take the same percent out of the RIF funds you hold there.
And the story gets worse...
If you hold more than one deposit at a given FI (e.g. 2 or more RIF GICs), the FI decides which one to take the money from, not you; and they all have their own rules about this.
And, if you choose to transfer RIF funds to another FI, the mandatory withdrawal for that year will be removed before it is transferred - even if it's January; it's the law.
Some of the many reasons why I dislike the RSP/RIF system.
12:49 am
April 6, 2013
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Definition of a RIF in Income Tax Act 146.3 (1) requires the minimum be taken from each RIF arrangement separately each year:
retirement income fund means an arrangement between a carrier and an annuitant under which, in consideration for the transfer to the carrier of property, the carrier undertakes to pay amounts to the annuitant (and, where the annuitant so elects, to the annuitant’s spouse or common-law partner after the annuitant’s death), the total of which is, in each year in which the minimum amount under the arrangement for the year is greater than nil, not less than the minimum amount under the arrangement for that year, but the amount of any such payment does not exceed the value of the property held in connection with the arrangement immediately before the time of the payment. (fonds de revenu de retraite)
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