To convert your RRSP to a RRIF, you will need to open a RRIF account by November 30 in the year you turn 71. If we do not receive your application by that date, we will automatically convert your RRSP to a RRIF.
Please note: Trading activity on the new plan will be restricted until the receipt of the required application.
The year after you open your RRIF, you must begin taking payments out of your account. Payments are calculated using a specific percentage based on your age, and the total value of your RRIF assets as of December 31 of the previous year. We don't automatically sell assets for you to make cash available for your RRIF payments, so be sure to do that at least a week ahead of your scheduled payment date.