Many people have confusions when it comes to RRSP and its connection to RRIF.  This short video helps clarify the two and the importance of RRIF during retirement.


  1. Will be retiring next year and thankfully i was smart enough to max out my RRSP in my working years for every year until i today. Sadly, i started late. But hey better than never.

    As the video said i will be able to switch over at any time after tomorrow but because i won’t need the income any time soon i will just wait it out for several years and grow my retirement more (several good investments).

  2. The video mentions a minimum that keeps rising every 5 years. So i assume there is no limit? Is there a cost-effective amount that one should consider (e.g. go with the minimum only)?

  3. A lot of people surprisingly don’t stay informed enough to change types. That explains why they are shocked to find either directly or indirectly that they must switch and they refuse to.

  4. Well, you do have to remember that CRA makes it difficult on purpose. So it discourages everone from using it as a slush fund. I actually welcome the penalties.

  5. What disappoint me most is that CRA makes it so difficult to remove money from RRSP at times when one isn’t working.

  6. What about those who use REITs? Are they registered accounts too?

  7. Huh? This is very confusing. I don’t understand why the need to shift it. Yes it’s mandatory but i don’t understand why it was created at all. Just when the person hits 72 just have then withdrawal from RRSP. Simple.

  8. Not for RRIF. That only applies to RRSP withdrawals. But there are efficient ways to take out from RRSP early and not get penalized as heavily.

  9. Does the 30% early withholding tax still apply to RRIF?

  10. When is the best time to start saving in retirement savings?

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