RRIF: Changes to the RRIF minimum withdrawal amounts are designed to let you preserve more of your retirement savings and most companies will adjust your minimum income as of January 1 2016.
But if you are drawing income from a RRIF/LIF, you could benefit from reduced minimums starting now.
While a RRIF now allows you to shelter more capital it results in less income . And is that what you want? All tax sheltered income is taxable at the 2nd death of a couple, so is taking less worthwhile? You can leave tax-paid capital and goods to your beneficiaries, so it is your tax sheltered investments that you should use before you use any non-registered funds.
Click here for the Best 2015 RRIF Interest Rates
TFSA: Thanks to proposed budget changes, you can now contribute up to $10,000 annually to a TFSA (Tax-Free Savings Account). Boost your contribution to enjoy increased tax-free savings.