The tax implications of gifting adult children money and more

An older reader poses a cluster of common questions: does it make sense to keep contributing to an RRSP at 71, how can required RRIF withdrawals be handled without selling investments, and would a sizable gift to his adult daughter saddle her with tax? This piece works through each. Putting already-taxed cash into an RRSP late in life can quietly recreate a tax bill rather than save one, especially when mandatory RRIF income is already pushing into higher brackets and OAS clawback territory. For the withdrawal worry, an in-kind transfer lets investments move out of the RRIF intact. And reassuringly, gifts of money aren't taxable to the recipient in Canada; only the income earned on them afterward is. It's most relevant to retirees thinking about year-71 mechanics and helping family during their lifetime.