All about taxes at retirement

Contributing to a Registered Retirement Savings Plan (RRSP) is the first step in planning your retirement. At this stage of life, it's crucial to use the current tax rules and find out if you are eligible for a tax credit.

You can withdraw money from your RRSP anytime before December 31 of the year in which you turn 71, which is the last year you may contribute. This year also marks the deadline to transfer your RRSPs into a Registered Retirement Income Fund (RRIF) or annuity, which you can do any time before your 71th birthday.

To get the most out of your accumulated capital, it is a good idea to plan your spousal RRSP withdrawals. You should also evaluate the pros and cons of withdrawing your RRSP savings.