Department of Finance review to study population aging, longevity, interest rates, and registered retirement income funds
Several organizations are urging the government to raise the age of conversion from RRSP and delay the minimum withdrawal requirements as part of a federal study examining RRIF thresholds. But experts are divided on the best way forward.
Currently, Canadians are required to convert their Registered Retirement Savings Plans, which are used to defer taxes, into Registered Retirement Income Funds by the end of the year that they turn 71. They are then required to withdraw a certain percentage of that amount each year, which is taxed as employment income.
CanAge Inc., a national seniors’ advocacy organization, said in its submission that delaying tax collection could benefit the government in the long run: Potential tax revenues on larger sums of unspent capital, it said, could easily exceed revenues from smaller chunks collected over a longer period of time.
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