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|At some point you’ll want to use the money you’ve accumulated in your RRSP for income in retirement. By law, you must convert your RRSP to a retirement income option by December 31st in the year you celebrate your 71st birthday. Be sure to review your options carefully before maturing your RRSP.
Your retirement income options
You will be required to take a minimum amount into income each year no matter which retirement income option you select. Canada Revenue Agency allows you to choose one or a combination of the following:
Which retirement income options you choose will depend on your income from other sources, the amount of income you need from your RRSP assets and your tax situation.
Contact us to discuss how we can help you achieve your retirement goals.