Move from an RRSP to retirement income
How do I convert my RRSP to a RRIF?
A RRIF pays retirement income from transferred savings. By the end of the year you turn 71, your RRSP must be dealt with through an available option: withdrawal, transfer to a RRIF, or an annuity. A direct transfer and a cash withdrawal have different tax treatment.
Where to begin
- Review the RRSP options with your issuer before the age-related deadline.
- If choosing a RRIF, arrange the account through a financial institution and review its investments and payment terms.
- Have the institutions arrange the direct transfer rather than withdrawing the money personally.
- Plan for the annual minimum payment beginning in the year after the RRIF is established.
- Keep the T4RIF and report taxable payments on the return for the year received.
Before you open the official service
- RRSP details and the year you turn 71.
- Proposed RRIF payment arrangements and issuer instructions.
Keep your actual documents and account details off this website. Use the official service’s current checklist before applying.
What to check for your situation
This explains the process, not a recommended withdrawal amount or investment strategy. Locked-in pension arrangements and cross-border situations need their own rules.
Fees, processing times and document rules can change. This page helps you navigate; it does not confirm eligibility or replace the government’s instructions.
Official sources
canada.ca · Official websiteCRA — RRSP options at age 71In the year the annuitant turns 71, options include withdrawal, RRIF transfer or purchase of an annuity. Direct transfers differ from taxable cash withdrawals; payments received are reported as income.Checked
Prepared by Active K Digital from the linked public guidance. Read our source approach.