Should you max out your RRSP before converting it to a RRIF? Apr 30th

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Should you max out your RRSP before converting it to a RRIF?

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My husband and I retired last September. We have moved into a condo and are now travelling. Enjoying life but I’m concerned about his RRIF. My husband turns 71 in June 2025. So, I understand we can contribute to his RRSP for 2025 before he turns 71 and claim the contribution for the 2025 tax year, but what happens next?

—Chris

When to convert an RRSP to a RRIF

Congratulations on your retirement, Chris. Glad to hear you and your husband are enjoying this first year so much.

I am guessing you have downsized your home to move to a condo and now have money to contribute more to your registered retirement savings plans (RRSPs) as a result. First, we will start with a quick rundown of how RRSP to RRIF conversion works.

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