If you hold a RRSP, you have until the end of the year in which you turn 71 to roll it into a RIF account from which you will start receiving an income the following year. RIF income is fully taxable and you will receive a T4RIF to file with your tax return for payments received each year. There is a minimum withdrawal amount that must be withdrawn from your RIF annually and this amount is determined based on your age and the market value of your account as of the previous year end. At the time your RIF is set up, you can elect to base your RIF withdrawals on your age or your spouse’s age. RIF income increases with age, so this could be advantageous if you have a younger spouse and wish to keep your taxable RIF income to a minimum. We can help you determine which option is best for your circumstances.