If you have been accumulating wealth in a Registered Savings Plan and are turning 71 this year or next, you should be aware of the decisions you have to make. The Income Tax Act says that you have to terminate your RSP’s by December 31st in the year you turn age 71. In doing so, you basically have three options:
There are also three factors that should be taken into consideration in the year you turn 71:
If you have any questions with respect to your RSP planning or the switch from accumulation to income, please call me, or use the social sharing buttons below to share this article with a friend or family member you think might benefit from this information.
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