RRSP and RRIF

Use this form to review and edit the properties of an RRSP or RRIF. The fields shown will change automatically when you change the account type.

An RRSP can be converted to a RRIF at any time, but it must be converted by the end of the year in which its owner turns 71.

Contributions cannot be made to a RRIF. A minimum amount must be withdrawn from it every year, and withdrawals are generally taxable income.

If the account is currently an RRSP, enter it as an RRSP and specify the age at which it should be converted. You do not need to create a separate future RRIF account. The TIME MACHINE will convert the RRSP to a RRIF at the specified age, retain its investments and make the required minimum withdrawals.

If the account has already been converted, change its current type to RRIF. The fields needed for the RRIF calculations will then appear on this form.

Only supported changes are available in the account-type menu. When you select another type, the relevant fields will appear and fields that no longer apply will be cleared when the account is saved.

An RRSP or RRIF cannot be jointly owned. If you have a spouse, you can correct or change the owner. This may be necessary to correct an input error or record an inherited account.

After changing the account type or owner, review your AUTOMATIC SAVINGS/WITHDRAWALS and your deposit and withdrawal PRIORITIES. Entries associated with the account may need to be revised.

For an RRSP, enter the age at which the account should be converted to a RRIF. The conversion must occur no later than age 71.

The TIME MACHINE may treat withdrawals made after age 65 as eligible pension income, as though the required partial conversion to a RRIF had been arranged with the financial institution.

If the account owner has a younger spouse, you can choose to use the spouse’s age when the TIME MACHINE calculates minimum RRIF withdrawals. This generally produces smaller required withdrawals.

This choice normally has to be made when the RRIF is established. Make sure the selection agrees with the instructions given to the financial institution holding the account.

If this is a spousal RRSP or RRIF and the contributing spouse made a contribution during the current year or either of the two preceding years, enter the year of the most recent contribution.

The TIME MACHINE uses this information to prevent withdrawals during the applicable three-year attribution period. Leave the field blank if there were no spousal contributions during that period.

For a current RRIF, enter its balance at the end of the previous calendar year. The TIME MACHINE uses this amount to calculate the required minimum withdrawal for the current year.

Update this value every January. If the account was converted to a RRIF during the current year, enter 0.

This is not the account’s current balance. The current balance is calculated from the investments held in the account and must be updated by editing those investments.

Enter the total amount already withdrawn from the RRIF during the current calendar year. Set this value to 0 at the beginning of each year and update it whenever another withdrawal is made.

Entering a withdrawal here does not change the current balance of the account. You must also update the account’s investments to reflect the actual withdrawal. This field tells the TIME MACHINE how much of the current year’s required withdrawal has already been made.

This field is shown only when the growth rate of the account’s Cash investment has not yet been entered. This commonly occurs with newly imported Wealthica accounts.

To change an existing Cash growth rate or the value and growth assumptions of other investments, select Edit investments.

You can select the owner’s spouse, Estate or eligible dependents as beneficiary. If the spouse is the beneficiary when the owner dies in the TIME MACHINE, the account will transfer to the spouse and continue under the applicable registered-account rules.

When the account is saved, the applicable RRSP or RRIF information is saved together on this page. You will then continue to the account’s investments.