RRSP/RRIF

RRSPs can be converted to RRIFs anytime, and they must be converted by the end of the year during which the owner turns 71.

RRIFs cannot be contributed to and there is a minimum withdrawal amount that must be made each year (which will count as taxable income).

The TIME MACHINE will automatically convert the RRSP to an RRIF at the specified age and make the necessary yearly withdrawals.

For current RRIFs, we ask for the balance at the end of last year to calculate the minimum withdrawal. You should update that value every January by editing the account properties until you reach this screen.

Also in January you would zero the total withdrawn year to date. You should update the total withdrawn year to date any time you make a withdrawal from the RRIF.