Tax rate on RRIFs
Zoomer | January 1st, 2006
Question: In a recent article, Gordon Pape refers to a marginal tax rate concerning RRIFs of,”say 48%”. I thought the maximum was 40%? – T.D.-J.
Answer:
There is no maximum tax rate for RRIFs. The income from these plans is taxed at your marginal rate.
The top rate in most provinces is in the 48% range but in a few cases it is higher. – G.P.