TD Waterhouse (Canada) Customer FAQ

When you turn 71, regulations require that you begin withdrawing money annually from your Registered Retirement Income Fund (RRIF). However, you can start making withdrawals from your RRIF once you open the account, regardless of your age. It's important to note that all withdrawals are considered income and subject to taxation, but the amount you withdraw each year is up to you, as long as it meets the minimum amounts set by the government. We recommend working with a financial advisor to ensure that your RRIF withdrawals fit your overall retirement income strategy and help minimize your tax liability.

When you start withdrawing from your Registered Retirement Income Fund (RRIF) at TD Waterhouse, you'll have to claim the amount as income on your tax return. This is because RRIF distributions are considered taxable income. It applies even if the RRIF is old. The amount you'll need to declare will be based on the total amount withdrawn during the year. TD Waterhouse will provide you with a tax slip, typically a T4RIF, that will show the total figures for the year. You would then input this information when preparing your tax return. Also, remember that a mandatory minimum amount must be withdrawn annually from your RRIF. The specific amount increases as you age.