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| Retirement>Retirement Calculators | |||||
Variable Benefit Payment CalculatorA Variable Benefit is essentially a P-RRIF/RRIF except your funds remain invested with the Capital Pension Plan. You can make periodic withdrawals while the remaining balance remains tax deferred. Amounts paid out of a Variable Benefit are taxable upon receipt. It is mandatory that you convert all your registered funds (i.e. pension plan funds and RRSPs) by December 31st in the year your turn age 71. The latest you are allowed to take your first payment is December 31st in the year your turn 72. Once you turn age 72, the Canada Revenue Agency stipulates that a minimum payment must be withdrawn from your Variable Benefit each year and reported as income. This Variable Benefit calculator assumes the following
Disclaimer: Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide financial advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes only. We encourage you to seek personalized advice and guidance from qualified professionals regarding your personal financial issues. |
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