RRSPs and those turning 71

A taxpayer cannot hold an RRSP beyond the end of the year in which they turn 71. Therefore, if you turn 71 in 2009 you must transition your RRSP by December 31. The two most common options are to establish a Registered Retirement Income Fund (RRIF) or to purchase an annuity. Contact us to have a discussion to determine the best option for you.