RRSP to RRIF Conversion Age Calculator

The deadline is December 31 of the year you turn 71 — not your 72nd birthday or the end of your 71st year of age, but the calendar year-end in which you actually hit 71. By that date your RRSP must be converted to a RRIF, used to buy an annuity, withdrawn in cash, or some combination. See CRA: Options for your RRSPs.

If you take no action, the CRA treats the entire RRSP balance as a withdrawal — fully taxable as income in that one year. For most retirees that's a tax disaster: a six- or seven-figure RRSP becomes a six- or seven-figure tax bill in one shot. Financial institutions usually flag the approaching deadline, but the responsibility is yours, so don't rely on a reminder.

Yes — there's no minimum age to convert. Some retirees convert at 65 specifically to start drawing eligible pension income, which then qualifies for the $2,000 federal pension income tax credit and (with a spouse 65+) for pension income splitting. Partial conversions are allowed too: you can move part of an RRSP to a RRIF and leave the rest until 71.

First, convert to a RRIF — the most common choice. It keeps your investments tax-sheltered, you control how they're invested, and you withdraw at least the minimum each year. Second, buy an annuity — exchange the balance for a guaranteed income stream from an insurance company. Third, withdraw the funds in cash — fully taxable that year, almost never the best choice. You can also combine these (e.g., partial RRIF, partial annuity).

A RRIF keeps your money invested and lets you control withdrawals (subject to the minimum). Returns vary with the market and the balance can outlive you (going to your estate) or run out. An annuity converts the balance into a guaranteed monthly payment for life — you give up the lump sum, but you can't outlive the income. Many retirees use both: a RRIF for flexibility plus a small annuity for guaranteed baseline income.

Yes — you have until December 31 of that year to make your final RRSP contribution, but only if you have unused contribution room. After that year, you can no longer contribute to your own RRSP. (If your spouse is younger than 71 and you have RRSP room, you can still contribute to a spousal RRSP.)

Yes. A RRIF can hold the same investments as an RRSP — stocks, bonds, ETFs, mutual funds, GICs — so converting doesn't force you to sell anything. Your financial institution effectively re-labels the account from RRSP to RRIF, and your investments transfer in kind. You don't pay tax on the conversion itself, only on the withdrawals you take from the new RRIF.

If your spouse is named as the successor annuitant, the RRIF transfers to them intact and they continue receiving payments — no tax triggered. If a non-spouse beneficiary is named, the value is taxable as income on your final return, and the beneficiary receives the after-tax amount. This is why naming a spouse as successor annuitant (rather than just a beneficiary) is one of the most important RRIF setup choices.