Additionally, this amount must be added to your income when filing your taxes. Maturity Option #2: Convert RRSP to RRIF You can choose to convert your RRSP to a RRIF (Registered Retirement Income Fund). A RRIF gives you a steady flow of retirement income, with a minimum amount...
You must convert a RRSP to a retirement income option such as a RRIF by December 31 of the year that you turn 71. If you decide that you don't want to transfer your money from an RRSP to a RRIF, you could withdraw your RRSP as a lump sum amount that will be considered taxable in...
to contribute to your 2022 Registered Retirement Savings Plan (RRSP). If you turned 71 in 2022, Dec 31st2022 is the last day to contribute to your RRSP at which point you’ll need to convert your savings into a retirement income option, such as aRegistered Retirement Income Fund (RRIF)....