In an attempt to alleviate financial hardship, the Canadian government has reduced the required RRIF minimum withdrawals by 25% for 2020.
If you do not need your entire unreduced RRIF minimum payment for your living expenses, consider taking advantage of the reduced minimum amount for this year. Withdrawing only the reduced minimum amount will not only help preserve your retirement savings but also delay the tax on funds you don't need this year. If you have not yet withdrawn your 2020 RRIF minimum payment, or have withdrawn only a portion of the unreduced payment, you can request the reduced minimum. Please call a member of Randall-Roberts Wealth Management to assist you in making the best decision for your current financial situation.
For further information on the topics discussed, please click here to access a related article from RBC Wealth Management.