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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4473
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I currently am collecting my RIF but this year had my

Customer Question

I currently am collecting my RIF but this year had my business close...with a investment loss . Is it advisable to cash the equal amount of my RIF so as to avoid income tax. For example can I take 30K out of my RIF tax free if I had a 30K investment loss?
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Submitted: 16 days ago.
Category: Finance
Expert:  Rakhi Vasavada replied 16 days ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

YES -- You can do it. But there will be tax implications as well.

As you must be aware, there are no withdrawal restrictions from RRIF Accounts. However, I request you to refer the below given link. As it appears in the table given in the below link, that percentage of the amount from your RRIF can be withdrawn tax free. Anything above that will attract tax implications of 10, 20 and 30% depending upon the amount withdrawn. This tax information is also available for your ready reference in the mentioned link given below.

http://www.getsmarteraboutmoney.ca/en/managing-your-money/investing/rrifs-and-annuities/Pages/Making-withdrawals-from-your-RRIF.aspx#.WC0stZc52IU

I am sure this would help.

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Warm Regards,