When you turn 71, you will be required to convert your RRSP or Spousal RRSP to a RRIF or Spousal RRIF, respectively, by the end of the year. However, other options are available to you, as well.
This means that in the year you turn 71 years of age, you will need to either:
- Withdraw your RRSP funds, or
- Transfer your RRSP funds to a RRIF
If you do not proceed with one of the above options by the end of December of the year you turn 71 years of age, an RRSP you hold with us will be subject to an automatic RRIF conversion on your behalf.
You should expect to receive communications from us leading up to the account conversion, however, if at any time you have questions or concerns, please do not hesitate to submit a request here - and we would be happy to assist you.