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Originally Posted by monkey brewery
Coincidentally, I was just looking into this this morning.
Can money be moved from my RSP, soon to be RIF, to my grandchilds RDSP without taking a tax hit? Is this something an accountant or tax lawyer can set up? Revenue Canada's site is quite vague on the RDSP.
I have an accountant, insofar as I have someone whose done my taxes for a decade, however my sense last year when I brought this up is that he is not that knowledgeable on the RDSP.
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You want a financial advisor for this. Money can be moved from the RSP to RIF and from there it will come out (taxable) and could be moved to the RDSP from there. Off the top of my head, I’m not sure there’s a mechanism to go from your RIF to your grandchild’s RDSP without tax (but could find out for sure).
I know you can transfer from a deceased parent or grandparents RRSP/RRIF to the RDSP of a child or grandchild. I’m just not sure there is anything to facilitate this while you’re alive.