If you’ve made regular contributions to your RRSP over the years, you’ve likely accumulated substantial savings. By transferring these savings to a RRIF, you can have peace of mind while managing your retirement income. Similar to an RRSP, your money continues to grow tax-sheltered in your RRIF.
You have until the end of year on your 71st birthday to convert your RRSP to a RRIF. If you need to access the funds before that, you can also make this transfer sooner. You get to decide the amount and frequency of your withdrawals, as long as you meet the minimum annual withdrawal amount as determined by federal regulations.
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Save for short-term and long-term expenses, with no tax on withdrawals.
Fund a child’s educational dreams, with government grants.
Build long-term financial security for a person with disabilities.
Save for the lifestyle you want in retirement, with tax advantages.
Whether you’ve been building your investment portfolio for years, or you’re just getting started, there’s more to a wealth plan than putting money away for retirement. We’re here to help.