Published on : June 22, 2023
You can convert your RRSP to a RRIF at any time. But most people do so when they retire. In any event, no one can own an RRSP after December 31 of the year they turn age 71. You must do something* before that deadline or you’ll have to take all the money from your RRSP into income and pay tax on it. By directly transferring your RRSP to a RRIF, you’ll start taking minimum withdrawals in the following year and defer taxes on the balance of your RRIF.