Read? Unlocking SRS At 62 And Avoiding Being Taxed (2)
Uncle8888 has closed his SRS account yesterday as this retirement tool has reached its natural life span.
He had contributed into his SRS over the last three years before his planned retirement in 2016 @ 60; and then immediately unlocked his SRS over the next three years upon reaching 62.
50% of SRS amount withdrawn is not taxable i.e. max $40K if there is no other taxable income included for the year of assessment.
Hmm ... the total amount of tax saving over SRS is nothing to shout about!...
