What would happen in this case?

We all know what's happening in the markets these days. My concern here is..say the markets do a total crash, & a person's portfolio is gone. It is mandatory that people withdraw from their RRIF's each year., but what if there's nothing left?

A person can't withdraw if there isn't anything there? When withdrawals are made, there are tax implications.

What happens in cases such as this??

2 Answers

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  • Judy
    Lv 7
    3 months ago

    Uh, your RMD is calculqted as a % of it's value as of the beginning of the year. even if it was 15%, 15% of zero is zero. And chances of it going to zero, unless you have VERY risky holdings, are, well, zero.

    • Kookai3 months agoReport

      What is RMD???

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  • Anonymous
    3 months ago

    my advice, dont do stupid things right now.  it is temporary.   Canadians are smarter than this.

    • Kookai3 months agoReport

      Thanks! I have no intentions of doing anything stupid..that's for sure!  I too believe the situation is temporary & I know I'm not alone in this. My intent is to hang on. 

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