How do I choose when an RRSP becomes a RRIF?
Where to find it: ACCOUNTS and INVESTMENTS
Open ACCOUNTS and INVESTMENTS and use Edit for the RRSP’s account properties. Leave its current type as RRSP and set Age to convert to RRIF to the age you want the projection to use. Save and continue.
For example, to project conversion at 65, enter 65 in that field. You do not need to create a second empty RRIF or schedule a withdrawal and deposit between two accounts. TIME MACHINE converts the existing account at the selected age and keeps its name and investments.
If the real account has already become a RRIF, change its current type to RRIF instead. The form then asks for the previous year-end balance and withdrawals already made this year. Update the investments separately to reflect their current value.
The conversion-age setting is for the whole projected account. After changing it, check any automatic withdrawals linked to the account and rerun TIME MACHINE to see the resulting minimum withdrawals.