Answer to Our Most Frequently Asked Questions

If you have any questions not addressed in this section, or if you require further assistance, please call us at Toll Free(877) 475-5152 or  Local (905) 624-0060  or Request for More Information.

What are my options for my own RRSP when I turn 69?

Options for your own RRSPs

By the year you turn 69, you have to choose one of the following options for your RRSPs:

• withdraw them;
  
• transfer them to a RRIF;
  
• use them to purchase an annuity for life; or
  
• use them to purchase an annuity spread over a number of years.
  

When you withdraw funds from your RRSPs, your RRSP issuer will withhold some tax. For details, see Making Withdrawals.

Your RRSP issuer will not withhold tax on amounts that are transferred directly to a RRIF or that are used to purchase an annuity. You may have to pay tax on the income when you start receiving payments from the RRIF. Enter these payments as income on your return for the year you receive them.

For details, see Transferring.

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