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This story is part 3 in a series on financial caregiving for seniors. Read others in this series:
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Life insurance can protect your loved ones financially after you’re gone, but picking the right kind can protect your wallet even when you’re alive. Generally, there are two kinds of life insurance: term life insurance and permanent life insurance. Permanent life insurance provides lifel.... More »
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 »
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…
