Personal Finance

Retirement RRSP funds withdraw strategy

  • Last Updated:
  • Dec 11th, 2018 8:24 pm
[OP]
Newbie
Dec 10, 2018
1 posts

Retirement RRSP funds withdraw strategy

How much RRSP funds can I withdraw per year without affecting GIS?
1 reply
Deal Fanatic
Nov 24, 2013
6142 posts
2897 upvotes
Kingston, ON
GIS gets reduced by $1/mo for every $24 of income, or in annual terms, $0.50 on every dollar.

https://www.canada.ca/en/services/benef ... ab1-1.html

It doesn’t matter if it’s CPP or if it’s RRIF, RRSP withdrawals, or if it’s income from renting out your basement. All income other than OAS/GIS reduces GIS.

https://www.canada.ca/en/services/benef ... mount.html

TFSAs pose the only exception to this right now, because TFSA withdrawals aren’t income. Other possible ways to get GIS would be deferring all other retirement income until age 70 (CPP, RRSPs allow for this) so you can get GIS from 65-70, but that doesn’t make it a great idea.

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