You must convert your RRSP into an annuity no later than December 31 of the year you turn 71.
Who should get this investment?
Retirees who:
- have not yet selected a retirement income option;
- need cash only occasionally and not on a regular basis.
You must ensure that a portion of your RRSPs are invested in products that allow you to make withdrawals when you need them, such as redeemable investments or mutual funds.
Features
| Withdrawal |
Taxes are withheld at source from all RRSP withdrawals. |