After your 71st birthday, you’ll need to convert your RRSP into a Retirement Income Option. One of these options is a Registered Retirement Income Fund (RRIF). In a RRIF:
- your funds remain tax sheltered
- you’re still in control of how they’re invested
- you can convert to a more secure guaranteed income at any time
You can draw from your RRIF as often as you like, but anything you withdraw is considered income and subject to taxes.
We can help you with all of your RRIF needs. For more information or to book an appointment with one of our Retirement Planning specialists, contact us.