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If I am over 70 and I do not want to use my RRSP. Can I continue contributing to my RRSP? Do I have to transfer the RRSP to a RRIF?



Our response:

Thank you for your question, Richard.

You must close your Registered Retirement Savings Plan (RRSP) in the year you turn 71. You can withdraw your RRSP savings in cash, convert your RRSP to a Registered Retirement Income Fund (RRIF) or buy an annuity. Here is how RRSPs work. This article describes in more detail, how you can get income from your RRSP.

Speak to a financial advisor or tax professional for advice about the options that work best for your retirement plan.

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