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My wife has an RRSP in her name and a spousal RRSP in her name, plus a small LIRA. She will be turning 71 next year.
My question is: Can she open a RRIF account and contribute both of her RRSPs plus the LIRA amount into one single RRIF account without incurring any taxable consequences?
—Steve
Consolidating registered accounts
As you know, Steve, your wife must make some decisions about her registered accounts by the end of next year because of her age. It seems like a good time to consider consolidation of her accounts. In some cases, this is possible, but it’s not always. So, I will clarify the rules generally as well as how they may apply to her situation.
Before you convert RRSPs to RRIFs
When you have a registered retirement savings plan (RRSP), you can only keep it open until December 31 of the year you turn 71. By that deadline, you must choose from these three options:
Cash in the account.
Buy an annuity from a life insurance company…
