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Colin Ryan
Dominique Wilgosh
Mark Moulson, CFP, CLU, TEP, RHU
Susanne Desrochers FMA, CIM, FCSI

Tel: 204-949-8034
Toll Free: 800-506-0005

Address
1400 – 360 Main Street
Winnipeg, MB
R3C 3Z3
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Your Retirement Options

Your RRSP Maturity Options 

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:
  • A lump sum cash withdrawal. This amount will be fully taxed in the year you receive it.

  • A life annuity. This is a contract that guarantees a fixed income payment for the rest of your life. It is based on your age and the interest rates when you enter into the contract.
  • A Registered Retirement Income Fund (RRIF). A RRIF lets you continue to control how your funds are invested. You can invest in the same eligible investments as with your RRSP. While there is a minimum withdrawal, there is no maximum limit. A RRIF gives you the most flexibility for managing your cash flow in retirement.
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 me to discuss how we can help you achieve your retirement goals.