Should I Have Converted To a RRIF?
Question: I am 56 and retired. My advisor told me to convert my $270,000 RRSP into a RRIF. Was this a good plan? If not, can I convert it back to an RRSP and should I?
Gordon Pape answer: There is no need to convert to a RRIF at this time. If you need cash from the plan, you can withdraw it from an RRSP as required and not have to worry about the minimum withdrawal requirements that are attached to a RRIF. The tax treatment will be the same in either case.