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The government requires that you collapse your RRSP by the end of the year in which you turn 71. Your choices may include taking it all in cash (which will be subject to tax) or converting the funds to a retirement income option such as a RRIF.

Here are some of the reasons RRIFs are popular retirement income options with Canadians:

  • Tax–sheltered growth: Your investments will continue to grow tax–sheltered, so it keeps working for you
  • Control your income: You can manage the amount and the frequency of your withdrawals, subject to the legislated minimum annual payment requirements
  • Tax–free transfer to spouse: You can pass your RRIF assets on to your spouse tax–free when you die
  • Flexible Investment options: You have the option of converting to a more secure guaranteed income at any time

Take Action

  • Call 1-800-463-3863

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