Consolidating spousal rrsp

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And, it helps you monitor and maximize your foreign content.At BMO Investor Line there is no annual administration fee for RRSPs if your plan value is over ,000 (otherwise an annual charge of 0 applies.) As well, there is no fee charged for contributions you make to your RRSP. If you have a BMO Bank of Montreal account, you can call us and ask us to transfer the funds into your RRSP. You can use our Pre-authorized RRSP Contribution (PARC) plan to make regular contributions.And, upon your death, the remaining assets in an RRIF can be made available to your heirs as part of your estate.An RRIF operates much in the same way as your RRSP.RRSPs can be collapsed at any time, but no later than the end of the year in which you reach 71 years of age.If youve made the decision that youre ready to retire, you have a number of options to close down your RRSP: But if you choose option 3, the entire amount would be subject to tax in the year you cash it in, rather than having the tax impact being spread out over a number of years on smaller amounts of income if you choose options 1 or 2.Once your plan is set-up and youre ready to invest, commission charges may apply, depending on your choice of investments. You can also mail your contribution directly to us. Remember though that your contributions to RRSPs should not exceed your contribution limit, established each year for you by Canada Customs and Revenue Agency.If you do exceed your contribution limit, you may be liable for a penalty tax.

The key difference is that instead of making an annual contribution as you would with an RRSP, with an RRIF you must make a minimum annual withdrawal.A BMO Investor Line representative will be pleased to help you with more details.Locked-In Addendum are available in PDF format for you to download, view and complete.If you arent planning on cashing in your RRSP, an RRIF will probably provide you with more flexibility than an annuity.It keeps the control of your savings in your hands, rather than turning it over to a life insurance company to administer as an annuity.

RRSPs are savings plans registered with Canada Customs and Revenue Agency into which you contribute savings or investments for retirement.

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