Once you retire (or turn 71), you’ll have to convert your GRSP into a Registered Retirement Income Fund (RRIF), which is another type of tax-shelter. Then you pay yourself an annual, scheduled amount based on the value of that account and your age.
You can also take out lump-sum or buy an annuity. At this point you’ll pay tax at your marginal rate.
Comments
0 comments
Please sign in to leave a comment.