You are required to convert your RRSP by December 31st of the year you turn 71 years of age, but you are not required to make your first withdrawal until December 31st of the following year.
Related Questions
- Even through there is no requirement to withdraw funds in the year that I convert to an RRIF, can I still withdraw funds from my RRIF in the first year?
- I know there is a minimum withdrawal, but is there a limit to the amount I can withdraw from my RRIF?
- How much withholding tax will my RRIF administrator deduct from my withdrawal?
- Can I base the calculation of my annual minimum payment upon my spouse’s or common-law partner’s younger age?
- I have an RRIF and did not realize I could use my younger spouse’s age. Can I change my RRIF to use my spouse’s age?
- If my RRIF uses my younger spouse’s age to calculate my annual minimum payments and my spouse dies, does my RRIF now switch to my age?
- I have converted my Spousal RRSP to an RRIF and my spouse had contributed to my Spousal RRSP in the three years preceding the conversion to an RRIF. Does my spouse need to include my minimum withdrawal in their income?
- How is my withdrawal taxed if the RRIF assets came from a Spousal RRSP and I am withdrawing more than the required annual minimum?
- How is my RRIF withdrawal recorded in my income tax return?
- After I have made a withdrawal from my RRIF can I re-contribute the amount withdrawn in the future?
- Are there any exceptions to the attribution rules for withdrawals from a Spousal RRIF?
- My RRIF account does not have a large enough cash balance for my minimum annual payment, can I make an in kind withdrawal from my RRIF?
- Does my RRIF withdrawal qualify for the Pension Income Tax Credit in the amount of $2,000.00?
- Does my RRIF withdrawal qualify as pension income that can be split with my spouse or common-law partner?