Why Canada needs to update its RRIF withdrawal rules - GIC Wealth Management

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For Your Information Why Canada needs to update its RRIF withdrawal rules

Why Canada needs to update its RRIF withdrawal rules

For reasons of fairness, it’s time to revisit the rules that require people to withdraw a big chunk of money each year from their registered retirement income funds. A fair approach to RRIF withdrawals is complicated, though. On one hand, we need to consider the needs of seniors who are required to withdraw annual amounts that are quite high in relation to today’s low interest rates and longer lifespans. There’s a strong argument for lowering the minimum withdrawal so that RRIFs last longer.

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