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EP # 214 | The RRIF Move to Make at 65, Not 71
Most people have one date circled for their Registered Retirement Savings Plan (RRSP) - the year they turn 71. The year when it has to convert to a Registered Retirement Income Fund (RRIF). The plan is simple - just don't touch it until you have to. But there is a move available at 65 that most people walk right past. And missing it can mean paying more tax than necessary every year between 65 and 71.
When money comes out of a RRIF, it becomes eligible pension income. That unlocks two things your RRSP cannot offer: income splitting with your spouse, and the pension income tax credit. You…
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