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CPP payment dates in 2025, and more to know about the Canada Pension Plan Oct 7th
In Canada, no retirement plan is complete without considering the CPP. Whether you’re approaching retirement or still several years away from it, the Canada Pension Plan will likely play a role in your retirement income. How big a role depends on several factors. You may have other questions, too..... More »
The best credit card travel perks in Canada Aug 4th
A lot of attention is given to travel credit card rewards, but what about advertised perks? These might seem like small benefits, but the value of these perks can really add up if you’ve got a great card.
We’ll help you navigate the most useful credit card travel perks and help you decide if .... More »
Best cash-alternative ETFs for Canadian investors 2026 Apr 30th
If the only investment account you have is a registered retirement savings plan (RRSP), you probably don’t need to concern yourself with cash or cash-equivalent holdings. But let’s say you’re in the market for your first home and you’re saving up a down payment. You can’t afford to lose mo.... More »
Money and the price of indecision Jul 23rd
When we moved to Canada and bought our first car, insurance was simply another item on a very long checklist. I knew nothing about the Canadian insurance market, so I did what many newcomers do: lean on someone trustworthy. My father-in-law recommended the brokerage firm he had been using for years,.... More »
After a fire or flood, the financial fallout can be costly + MORE Aug 29th
You’ve driven through a flurry of embers to safety. You’ve found high ground as floodwaters rushed in. You’ve dodged the immediate danger to life and limb, and then the financial reality hits. For those forced from their homes due to fire or flood—in many case.... More »
RRIF and LIF withdrawal rates: Everything you need to know
– moneysense.ca
At some point, a registered retirement savings plan (RRSP) is typically converted to a registered retirement income fund (RRIF). The latest you can defer the conversion of your RRSP to a RRIF is the end of the year you turn 71. This means that by December 31 of your 71st year, you need to either withdraw the full balance of your RRSP and pay tax on it, use the account to purchase an annuity from an insurance company, or convert it to a RRIF. Most Canadians choose to convert their RRSP to a RRIF.
You do not have to wait until age 71 to convert your RRSP. Most people consider doing so once they have retired.
There are no penalties for withdrawing from your RRSP or RRIF before a certain age. Withdrawals are taxable as income other than exceptions for purchasing a first home using the Home Buyers’ Plan (HBP) or paying for eligible post-secondary education using the Lifelong Learning Plan (LLP).
RRIF withdrawal rates
The minimum age at which you can convert an RRSP to a RRIF varies by province…
