Skip to content

Find a question

Can’t find what you’re looking for? Ask us a new question!

Can I transfer multiple RRSPs to a single RRIF? Do I need to transfer them all at once or can I do them each over time?



Our response:

Before the end of the year you turn 71, you must close all of your Registered Retirement Savings Plan (RRSP) accounts and either convert them to a Registered Retirement Income Fund (RRIF), buy an annuity, or take the amount as cash.

You can transfer multiple RRSPs to one RRIF, or you can hold multiple RRIFs – it’s up to you. You also do not need to transfer all of your RRSP funds at once – you can do this over time if you want. However, once you have opened and start using your RRIF, you must make minimum withdrawals, with the amount based on your age.

Speak to a registered financial advisor about your options, and to learn the options that best fit your retirement needs and personal financial situation.

Can’t find what you’re looking for?

Copy the URL to share:

  Share the site: