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RRIF
During the year in which you turn 71 years of age, you have until the end of that year to convert your RRSPs into Retirement Income. There are three options to choose from:
- Withdraw all your RRSP money and pay all the tax owing in one year
- Transfer your funds to a RRIF (Registered Retirement Income Fund)
- Transfer your funds to an Annuity.
We recommend RRIFs if:
- You want to ensure you're financially stable for your retirement years.
- You have retirement funds that you'll be using soon.
- You're currently retired and need help managing your RRIF.
