A RRSP must be converted to a RRIF by the end of the calendar year you turn age 71. You may do so by contacting the bank or financial institution where you hold your RRSP.
These previous questions may provide further insight to help you move forward.
- “Is there a difference between an RRSP and a RRIF?”
- “My RRSPs are coming due this year. What are my best options for RRIFs?”
- “What is involved in converting an RRSP to a RRIF?”
- “Do minimum RRIF withdrawal amounts vary as I get older?”
Visit GetSmarterAboutMoney.ca to learn how RRIFs work, 5 types of RRIFs, and making withdrawals from your RRIF. Speak with a registered financial representative or tax professional for investment advice to fit your situation.