RRSP / RRIF
RRSP Quick Facts
Who can contribute to an RRSP?
- If you have earned income, you can contribute to an RRSP up until the year you turn 71.
- Contributions made in the first 60 days of 2017 can be applied against either your 2016 or your 2017 contribution.
Answering Your Questions About RRIFs
At what age does my RRSP mature?
You must have decided on your maturity option and collapsed your RRSP by December 31st of the year in which you turn 71.
What are my options at RRSP maturity?
- Take your RRSP funds in a cash payment and pay tax on the full amount
- Transfer into a Registered Retirement Income Fund (RRIF)
- Purchase an annuity