By the end of year in which you turn 71, you will need to convert your RRSP into a Retirment Income Option. This is usually a RRIF.

By transferring your savings to a RRIF you can assure yourself control and flexibility in managing your retirement income. A RRIF will provide an income that can last for your lifetime, or your spouse's. The income is spread out over your retirement years and so are the taxes.

Important RRIF Facts

  • You cannot contribute directly to a RRIF. Funds must be transferred from a RRSP or other tax-sheltered investment.
  • You don't pay taxes when the funds are transferred from your RRSP to your RRIF, however, you do have to pay taxes on any money removed from the RRIF.
  • You can purchase a RRIF any time before your 71st birthday and you don't have to take any income in the year of purchase.
  • Each year after that, there is a minimum payment that must be withdrawn based on your age and the total value of your RRIF at the beginning of the year.




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