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Can I defer setting up a RRIF until my spouse turns 71?



Our response:

The Canada Revenue Agency requires you to open a Registered Retirement Income Fund (RRIF) no later than the end of the year you turn 71. If your spouse is younger than you, you can make your RRIF last longer by using their age rather than yours to calculate your minimum annual withdrawal.  If you choose this option, you will need to tell your financial institution that you’re doing so, and you can’t change your mind later.

We are not able to provide financial advice. Speak to a registered investment representative or tax professional for advice on the best option for you.

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