RRIF

appleman73

Yeah FHSAs have 8k per year contribution limit for the first 5 years (40k max) but have a 15 year lifespan. https://www.td.com/ca/en/investing/direct-investing/articles/fhsa#:~:text=The%20FHSA%20can%20remain%20open,RRSP%20or%20RRIF%20or%20withdrawn ^not promoting TD in particular, but here's a source in it.

Prior_North_2456

So in Canada we have a thing called a TSFA, you pay taxes on your income before it goes in but pay no taxes on what comes out even if its millions. RRSP is a turd because if you make millions investing from an early age and investing or just picking the right meme stonk you will be forced into a RRIF after 65 making you expel your money and pay income taxes on it. In canada capital gains and divvy are taxed at \~ 50% of what your salary is. Also you can claim loses on your bets when you buy at the top and sell at the bottom towards your taxable income. This is a better system to just pay our your taxes on winnings and get tax credits from loses and pay 50% rather than take out of an RRSP where your taxed 100%. Just sayin

MasterSexyBunnyLord

No, not really, not if it's your first time, and you don't need to. Not to mention that both these underlyings don't have great, but not bad, liquidity in their option chain. In retirement, it's better to just sell off the minimum amount of units for the cash you need every month. Start by drawing down your least tax efficient account and keep building up your most tax efficient account. That means you draw down your RRSP/RRIF first and your TFSA last. This will give your TFSA more runway to keep growing so that it's ready for you when the RRSP and non-registered accounts are gone. You're going to take a hit every month on currency conversion though but that was locked in a long time ago by selecting US listed ETFs. If you really want to do this, start doing it with one contract and see how you react first at the prospect of losing your shares. I would also do it on your margin account first too.

EbbConsistent3130

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GokuYasha

and is using an RRSP really worth it for the potential withdrawal taxes? or is it definitely worth it if you're young enough and don't withdraw until it's an RRIF? at which point that tax on withdrawals over the minimum requirement concerns me lol

i_donno

In Canada there's the VRIF etf (named after the government RRIF shelter)

Ditto_B

You can convert to RRIF after 55. Otherwise you'll pay taxes regardless of age.

sorry_for_the_reply

I'm in Canada and as long as you use the sheltered accounts, it is absolutely unlimited [https://www.fsrao.ca/consumers/credit-unions-and-deposit-insurance](https://www.fsrao.ca/consumers/credit-unions-and-deposit-insurance): All insurable deposits in the following registered accounts have unlimited coverage: Locked-in retirement account (LIRA) Life income fund (LIF) Registered retirement savings plan (RRSP) Registered retirement income fund (RRIF) Registered disability savings plan (RDSP) Registered education savings plan (RESP) Tax-free savings account (TFSA)

JamesVirani

I live in Canada. We have TFSA, which does not have forced withdrawals, and RRSP which you can turn into RRIF at age 71, to give yourself annual income in retirement. But I was really referring to non-registered accounts in my comment above. You never sell. The next of kin may have to deal with tax, but hey, they are lucky to have money passed down to them.

klouv035

I REALLY NEED THIS ANSWERED AND I CANT POST BECAUSE OF LOW KARMA: Hello everyone! I am a Canadian and I invest solely in the US using USD (through Norbert’s gambit) for IVV (index fund tracking the S&P) I invest using USD for a fund listed on the US Stock exchange. I have completely topped my RRSP and TFSA and have about an extra $100’000 USD sitting in my cash account ready to be deployed but I need to find the most tax efficient way of doing this for my asset location. I get hit with withholding tax in my TFSA but not my RRSP. I believe the other registered accounts I can use for no withholding taxes are (RRIF/LIF/LRIF/LIRA) but I’m not sure the pros and cons of these as I think some are locked in for awhile. What accounts should I use as a Canadian who invests with US dollars on the US stock exchange AFTER my RRSP and TFSA are maxed ??? I’m thinking I should use just a general taxable account now because I can get 15% of the 30% withholding taxes back?? Please confirm!! Thank you!!

klouv035

I need karma to post in this group lol. I have some serious questions lol .. maybe I’ll just post it here ?? I am a Canadian and I invest solely in the US using USD (through Norbert’s gambit) for IVV (index fund tracking the S&P) I invest using USD for a fund listed on the US Stock exchange. I have completely topped my RRSP and TFSA and have about an extra $100’000 USD sitting in my cash account ready to be deployed but I need to find the most tax efficient way of doing this for my asset location. I get hit with withholding tax in my TFSA but not my RRSP. I believe the other registered accounts I can use for no withholding taxes are (RRIF/LIF/LRIF/LIRA) but I’m not sure the pros and cons of these as I think some are locked in for awhile. What accounts should I use as a Canadian who invests with US dollars on the US stock exchange AFTER my RRSP and TFSA are maxed ??? Thank you!!