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Old 12-20-2024, 10:41 AM   #801
bizaro86
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Quote:
Originally Posted by DoubleF View Post
Depends what you mean by not a big tax advantage? If you're taking out RRSPs anyways and have no other pensions, converting a portion of the RRSP to RRIF allows for a non-refundable pension income amount tax credit, which is $2,000 and at 15% is worth $300.
Sure, at 65 in makes sense to convert to get the pension tax credit/pension income split.

My post said there's no advantage to converting BEFORE the year you turn 65, which I think is true. You can't get those benefits pre-65 and it makes the withdrawals mandatory (vs optional).
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