Options for your own RRSPs
In the year you turn 71 years old, you have to choose one of the following options for your RRSPs:
- withdraw them
- transfer them to a RRIF
- use them to purchase an annuity
When you withdraw funds from your RRSPs, your RRSP issuer will withhold tax. For more information, see Making Withdrawals.
Your RRSP issuer will not withhold tax on amounts that are transferred directly to a RRIF or that are used to purchase an annuity. You may have to pay tax on the income when you start receiving payments from the RRIF. Enter these payments as income on your Income Tax and Benefit Return for the year you receive them.
For more information, see Transferring.
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