Skip to content

Find a question

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

I am 45. I put my pension into a RRIF — is it tax deductible? Should I have put my pension into an RRSP?



Our response:

As your question is unique to your situation, we recommend speaking to a registered financial advisor or tax professional. In terms of Registered Retirement Savings Plan (RRSPs) and Registered Retirement Income Fund (RRIFs), here is some information that may help:

  • A RRIF can be opened at any time, but no later than the end of the year you turn 71.
  • You do not pay tax on the money in your RRIF, as long as it stays in the plan.
  • You pay tax on the money you withdraw from your RRIF.  You have to start withdrawing money from your RRIF in the year after you open it.
  • Typically you open a RRIF by transferring money from an RRSP.  Transfers from other registered plans such as pension plans and deferred profit sharing plans (DPSPs) are allowed under certain circumstances.


Can’t find what you’re looking for?

Copy the URL to share:

  Share the site: