Joe is turning age 71 later this year. He and his wife, Annalisa, age 65, own substantial assets, including an RRSP in Joe's name holding $320,000 in investments. The couple each receive government CPP and generous employment pension benefits, in addition to substantial investment income. In fact, they have more income in retirement than they need to support their lifestyle. What suggestion would you offer Joe to help him to minimize tax payable associated with his RRSP? 

A) Retain the funds tax-deferred in the RRSP at least until age 75. 

B) Convert the RRSP proceeds to an RRIF based on Annalisa's age and only withdraw the RRIF minimum each year. 

C) Convert the RRSP proceeds to an RRIF based on Joe's age and only withdraw the RRIF minimum each year. 

D) Convert the RRSP to an annuity to age 90

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Answer option B is the most suitable su... View the full answer