Will taxes from RRIF, after age 71, always < GIS money? | RRSPs and RRIFs | Discussion forum

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Will taxes from RRIF, after age 71, always < GIS money?
December 31, 2024
11:10 pm
StackExchange
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I hold enough savings to max out my RRSP, so disregard the loan on page 19 of this PDF dated October 2024. But check for latest version.

  • Mary will pay higher taxes after she turns 71, because she will be getting money from her RRIF. But the taxes will be far less than the extra money she got from GIS for 6 years.
  • Mary will not qualify for GIS after she turns 71 because her income
    will be too high and she can no longer make RRSP contributions.
  • However, Mary could collect as much as $30,000 in GIS for 6 years,
    all because she contributed to an RRSP.
  • Plus, during those years, Mary saved on taxes.

    • My figures differ, so don't answer using hypothetical Mary's amounts. In general, will taxes after 71 from RRIF (Registered Retirement Income Fund) always be less than GIS (Guaranteed Income Supplement) money?

    Any possibility for taxes after 71 from RRIF to outstrip (>) GIS money?

    January 1, 2025
    9:21 am
    AltaRed
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    What is the relationship between user name and https://stackexchange.com/ that is a link from your link?

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