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The property under a fund is derived only as a result of a transfer of funds from another RRIF, an RRSP or a registered pension plan and annual amounts must commence no later than the year after the plan is set up. Property and earnings in a RRIF are tax-exempt and amounts paid out of a RRIF are taxable on receipt. For further information please contact one of our financial advisors at 613-236-9101.
The 2015 Budget outlines changes to RRIFS, allowing anyone who received a minimum payment in 2015 at the old higher rates to “re-contribute” the difference between the old payment and the new payment and receive a deduction for that re-contribution against their 2015 income. The question is, should you re-contribute?
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