In most cases, there is no advantage gained by converting your RRSP to a
RRIF before the year in which you turn 65. However, if you
plan to make regular withdrawals from your RRSP before you turn 65, check to see
if the fees charged by your financial institution would be less if the RRSP, or
a portion of it, was converted to a RRIF.
By converting some of your RRSP to a
RRIF in the year you turn 65, you can take advantage of the pension
income tax credit and and pension
income splitting with your spouse. See our article on creating
If you have earned income and thus contribution room
after age 71, you can make contributions to the RRSP of a spouse who is 71
calculator will show you your minimum withdrawals, and will help you
plan how much to withdraw annually from your RRSPs/RRIFs.