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Brokerage account 50$ rrsp withdrawal fees

4595 Views 17 Replies 11 Participants Last post by  rdern360, 
M
Hello,

I am hoping to start making monthly rrsp withdrawals next year. I am still too young to make a RIFF. But I am feeling that my rrsp is too big and I will to start withdrawing so that I don't end up with a large forced withdrawals at high tax rates at the end.

My rrsp is heavy on REITS. So I was thinking to take the dividends monthly from now on. But the brokerage account I use bmo investor line is charging 50$ per withdrawal.

Any recommendations for a brokerage account that has no withdrawal fees ? Anyone else taking money out monthly ?
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Mazzawi said:
... I am still too young to make a RIFF. But I am feeling that my rrsp is too big ... My 70 year old self has enough already ...
Click to expand...
Maybe I'm reading the age wrong?

Where one is age 70 this year and one starts the RRSP withdrawals next yet (presumably the year one turns age 71), AFAICT there's little to no time to reduce the RRSP before it has to be collapsed. Options for your own RRSPs - Canada.ca

It seems easier to convert to a RRIF slightly early versus moving accounts around to make back the $50 withdrawal fee.


Cheers
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