General information only — not financial advice for your situation.
This is a learning tool. Always check CRA My Account records and talk to a qualified professional for your own numbers.
Plain English
When you turn 71, you must convert your RRSP into a RRIF. Then you have to withdraw a minimum amount each year, and it's taxed as income.
Technical definition
A Registered Retirement Income Fund (RRIF) is the mandatory successor to an RRSP. Conversion must occur by December 31 of the year the annuitant turns 71. A minimum annual withdrawal is required based on the account balance and the annuitant's age (or younger spouse's age), and all withdrawals are included in taxable income. There is no maximum withdrawal.
Examples
- • You turn 71 in 2026 and must convert your $500,000 RRSP to a RRIF by December 31, 2026. Your minimum withdrawal in 2027 (age 72) is 5.40% = $27,000, fully taxable.
- • You can elect to use your younger spouse's age for the minimum withdrawal formula, reducing the required amount.
Keep exploring
About this site
Every number on this site is sourced from CRA publications, the Income Tax Act, or provincial fiscal releases. We show the math, cite the sources, and never tell you what to do with your money.