{"id":1389,"date":"2021-04-16T09:30:53","date_gmt":"2021-04-16T13:30:53","guid":{"rendered":"https:\/\/fortax.ca\/?p=1389"},"modified":"2021-04-16T09:30:53","modified_gmt":"2021-04-16T13:30:53","slug":"rrif-reduction-saves-tax","status":"publish","type":"post","link":"https:\/\/evolvethought.com\/fortax\/2021\/04\/16\/rrif-reduction-saves-tax\/","title":{"rendered":"RRIF Reduction Saves Tax"},"content":{"rendered":"<style>\n.page-title-inner {display: none;}\n.entry-header-text-top {display: none;}\ndiv#comments {display: none;}\n.entry-author {display:none;}\nfooter.entry-meta {display: none;}\n.subul {margin:0;list-style:revert;}\n<\/style>\n<h1>RRIF Reduction Saves Tax<\/h1>\n<p>As part of its pandemic response, in March 2020 the federal government reduced the minimum withdrawal rate for registered retirement income funds (RRIFs) by 25%. This temporary measure offers a tax-saving opportunity.<\/p>\n<p>High income retirees who tapped other income sources might be able to turn this reduction into a lower tax bill.<\/p>\n<p>An RRIF is what a Registered Retirement Savings Plan must be converted into, by no later than age 71. The government requires retirees to withdraw a minimum amount yearly and begin paying back all that tax you saved through your contributions over the years.<\/p>\n<p>Good financial planning includes strategically leveraging such opportunities to reduce taxes. Ask your Financial Advisor to review your RRIF toward lowering your tax bill.<\/p>\n<p>If the amount you withdrew was more than the minimum amount, you won\u2019t be able to recontribute any excess back to your RRIF, but you can invest it elsewhere.<\/p>\n<p>Every year brings opportunities to plan smarter and save more tax. Sit down with your Financial Advisor to develop a winning strategy that will enhance your wealth.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RRIF Reduction Saves Tax As part of its pandemic response, in March 2020 the federal government reduced the minimum withdrawal rate for registered retirement income funds (RRIFs) by 25%. This temporary measure offers a tax-saving opportunity. High income retirees who tapped other income sources might be able to turn this reduction into a lower tax&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1391,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[72],"tags":[],"class_list":["post-1389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fortax-blog"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"description\" content=\"RRIF Reduction Saves Tax As part of its pandemic response, in March 2020 the federal government reduced the minimum withdrawal rate for registered retirement income funds (RRIFs) by 25%. This temporary measure offers a tax-saving opportunity. 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