I’ll be 71 years old next year and I am required to convert my RRSP into a Registered Retirement Income Fund (RRIF). How do I make my annual LLP repayments?

After you convert your RRSP into a RRIF, you will no longer be allowed to make contributions to your RRSP and you are not permitted to contribute into an RRIF. As a result, prior to converting your RRSP to the RRIF, you can either contribute sufficient funds to your RRSP that will reduce your outstanding LLP balance to zero, or include the outstanding balance in your taxable income.

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