topic RRSP Withdrawal Rules in Deductions & credits

RRSP Withdrawal Rules

Robert1954 — Sun, 04 Oct 2020 13:48:16 GMT

I'm 66, retired for 3 years, live in Ontario and have $120,000 in my RRSP. I have $4000 contribution room remaining in my RRSP and have been contributing $50 weekly to my RRSP and plan to continue until all the $4000 room left has been used up.

I also have $60,000 space in my TFSA and I'm considering withdrawing $5000 to $10000 yearly from my RRSP and moving it into my TFSA before I turn 71.

My wife is also retired and with pension splitting we are both in the lowest tax bracket.

Two questions:

1) Does it make sense to move money from my RRSP into my TFSA now instead of at 71?

2) If I withdraw $5000 from my RRSP and in the same year contribute $2600, can I use that $2600 as a tax credit?

Thanks,

Bob

Re: RRSP Withdrawal Rules

xmasbaby0 — Mon, 05 Oct 2020 00:10:44 GMT

"...live in Ontario..."

Are you asking a question about U.S. income tax or Canadian income tax?

CANADA This is the U.S. TurboTax public user forum. For help with Canadian taxes, please post your question in the Canada TurboTax user forum., at the following link.

https://turbotax.community.intuit.ca/community/turbotax-support/help/03/en-ca

https://turbotax.intuit.ca/tax-software/index.jsp

(Edited for link to Canada community support)

Re: RRSP Withdrawal Rules

Robert1954 — Sun, 04 Oct 2020 21:00:59 GMT

I've tried to get into the Canadian link but it doesn't work for me??

Re: RRSP Withdrawal Rules

xmasbaby0 — Mon, 05 Oct 2020 00:08:35 GMT

Then try this one:

https://turbotax.community.intuit.ca/community/turbotax-support/help/03/en-ca