I know if the gain at the year end over the previous of RRIF account is more than the minimum withdrawal, than I need to withdraw that amount. What about the LIF ? Thanks.
Also not so. Again, withdrawl is based on your age and the LIF balance at the start of the year. Your gains over the year can stay in the LIF. They just serve to increase the balance that next year's withdrawl amount is based on. The main planning difference between your LIF and your RRIF is that in addition to the minimum withdrawl rate, the LIF also has a maximum withdrawl rate (%).
Got my answer from the 'RRIF withdrawal help' post.
Thank you OstsyEagle again !