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Originally Posted by Strange Brew
Oh for sure. But that is kind of independent of transferring assets to family members.
Overall most people with elderly parents are hopefully not in need of access to their future inheritance; if so they have bigger problems. By that stage of life you should have built the nest egg for your own retirement and that future inheritance can be used to help grandchildren successfully launch.
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Eh, not quite. Basically the funds have to be unloaded from the RRSP/RRIF before deciding what to do. Basically for tax purposes you have to get rid of the tax deferral component associated with amounts in an RRSP/RRIF. After it's done, you can decide what to do again whether that's re-investing in a TFSA, non-registered, gifting to beneficiaries etc. doesn't matter.
That's why you want a plan to withdraw over multiple years to rid yourself of that tax deferral attribute to save tax (opposite of the RRSP deduction when it first went in) vs risking it all comes out at the same time and instead of saving taxes using the tax deferral attribute, you're paying more taxes instead if it's all taxed right away on a terminal return with no ability to rollover.