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I plan to retire early, must I convert my RRSP(s) to a RRIF(s) all at once or can I do this over time?



Our response:

Thank you for submitting your question to Investing Questions.

You can convert your Registered Retirement Savings Plan (RRSP) into a Registered Retirement Income Fund (RRIF) at any time; however, you are required to close your RRSP by the end of the year you turn 71.

You can withdraw your RRSP savings in cash, convert your RRSP to a RRIF or buy an annuity — be aware that all withdrawals are fully taxable as income in the year withdrawn.

These previous Investing Questions questions may provide insight to help you take the next step:

Visit to learn about investing and other financial topics. Speak with a registered representative or tax professional for investment advice to fit your situation.

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