Before December 31 in the year you turn 71, you must close your RRSP. You have three main options – you can convert your RRSP to a RRIF, buy an annuity, or withdraw your entire RRSP.
If you convert your RRSP to a RRIF, you do not need to sell your investments, and there is no tax implication until you start withdrawing funds. If you have a GIC maturing after you are 71, as long as the investment stays within a registered plan, you can continue to hold the GIC. Your financial institution or financial advisor can answer questions about what happens to assets within your account as you start to make withdrawals.