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When it's time for you to retire, you will need to convert your RRSP to a RRIF in order to start earning retirement income. While you can withdraw money straight from your RRSP, there is no benefit to doing so.
You'll need to convert your RRSP to a RRIF by the age of 71, although you are able to do it anytime after the age of 55. One important note is that you do not need to convert your entire RRSP into a RRIF if you are under the age of 71. You may only want to partially convert your RRSP so that you can keep your minimum RRIF withdrawal at a lower level. Even if you only partially convert your RRSP to a RRIF, it will still allow you to income split & you'll become eligible for the pension income tax credit.
RRIF minimum withdrawal: [ Ссылка ]
If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your savings plan on track. You can learn more about our services at [ Ссылка ]
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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.
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