Part of your retirement income strategy involves converting your RRSP into a Registered Retirement Income Fund, or RRIF.
When to make the transfer from RRSP to RRIF can depend on a number of factors, including both your current and future retirement income needs. While you can transfer funds from your RRSP into an RRIF at any age, you must convert all your RRSP funds no later than December 31 of the year in which you turn 71.
It’s important, however, to start planning your retirement income strategy much earlier than when you approach your 71st birthday. While there are tax advantages to waiting until age 71 to open your RRIF, you may need to do so much earlier depending on your income needs.
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Our financial advisors have extensive experience in retirement income strategies and can help you plan when to start converting your RRSP to a RRIF. For any questions please call us at 604.982.8000 (toll-free 1.888.713.6728), send us a message, or visit a local branch.
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