Q&A: Converting to a RRIF

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A reader wants to know if he can wait until his wife turns 71 before converting his RRSP to a RRIF

 Q – I have been told that if I am 71-years-old but my spouse is not 71 that I can wait until she is 71 years old before I convert my RRSPs to RRIFs. Is this correct? – Reg M.

A – No. You must convert by Dec. 31 of the year in which you turn 71. However, you may opt at that time to have your mandatory annual withdrawals based on your younger spouse’s age rather than your own. The practical effect of this will be to reduce the minimum annual amount you have to take out each year. – G.P.


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