Turning 71 this year? It's RRIF time
If you're about to turn 71, it's time to start thinking about the next phase of your investment plan. You have until December 31 of the year in which you turn 71 to convert your RRSP to an income-generating vehicle. The most popular choice is a Registered Retirement Income Fund, or RRIF.
Once you convert your RRSP to an RRIF you are required to withdraw a prescribed minimum payment each year. This minimum amount depends on a number of factors including whether you have a spouse and his or her age. There is no maximum annual withdrawal limit, but withdrawals over the minimum amount are subject to withholding tax.