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If I have two RRSP accounts, do I have to withdraw the minimum amount from each account at age 71?



Our response:

There is no minimum annual withdrawal for RRSP accounts. However, by the end of the year that you turn 71, you must close your RRSP. One option when closing your RRSP is to convert it to a registered retirement income fund (RRIF).

You must start withdrawing money from your RRIF in the year after you open it. The annual minimum withdrawal amount is based on your age on January 1, and you must withdraw at least the minimum amount from each of your RRIF accounts if you have more than one. If your spouse is younger than you, you can use their age to calculate your minimum RRIF withdrawal amount.

Learn more about your options when closing an RRSP.

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