It is at this time of the year that I take out money from my RIF. I do this at year-end when I am planning for the following year. I take out what money I must pay in tax and most of the rest is transfer of stock from my RIF to my Trading Account.
In Canada, Income tax must be paid in the year it is due. So, at this time of the year, I use last year’s tax program to determine what tax I owe for the current year. (I use My Tax Express .) I have Quicken and spreadsheets that help me determine my income for the year. I determine my income tax, I see what stocks I want to transfer from my RIF to my Trading Account, and there will be a small sum over to transfer to my Trading Account.
On my other blog I wrote yesterday about Richards Packaging Income Fund (TSX-RPI.UN, OTC-RPKIF) ... learn more. Next, I will write about Chartwell Retirement Residences (TSX-CSH.UN, OTC-CWSRF) ... learn more on Wednesday, December 14, 2022 around 5 pm.
This blog is meant for educational purposes only and is not to provide investment advice. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.
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