How Did TIFF’s Lightbox Become Its Money Pit? + MORE Apr 30th

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Ask MoneySense
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.

Converting an RRSP to a RRIF

A registered retirement income fund (RRIF) is the most common withdrawal option for RRSP savings. By December 31 of the year you turn 71, you need to convert your RRSP to a RRIF or buy an annuity from an insurance company…

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How Did TIFF’s Lightbox Become Its Money Pit?You don’t notice what’s missing at first. Toronto’s TIFF Lightbox—that unassuming glass grid, dwarfed by the enormous monolithic condo protruding from the top of it—still looks the same. Inside the five-storey space is a surprising 16,000 square metres containing five cinemas, a screening room, a gallery and a library as well as office spaces from which to oversee it all: the not-for-profit arts organization, which is dedicated to “transforming the way people see the world through film.”

Then you catch it: The “TIFF” sign is still there above the entrance, but “Bell Lightbox” has been quietly removed. Canada’s leading telecom company got naming rights thanks to a $30-million investment in 2006, back when this King Street building—designed to be the headquarters of the Toronto International Film Festival—was still being erected. But last summer, Bell suddenly dropped its sponsorship. Now, the sign looks naked, diminutive—four tiny letters for that cavernous house of mirrors…

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