You can convert an RRSP to a RRIF at any age, but you're required to do so by the end of the year in which you turn 71. Once the RRSP is converted to a RRIF, you can no longer make contributions to the plan. Instead, you'll begin to receive a minimum annual withdrawal amount from the RRIF. This amount is based on a percentage set by the Canadian government and is determined by your age (or the age of your younger spouse or common-law partner, if you choose).
To convert a ModernAdvisor RRSP into a RRIF, you need to first open a RRIF with ModernAdvisor. This can be done from the client dashboard by clicking on "Add Account". If you're a planner, navigate to the specific client's profile and click "Add Account".
Once the RRIF is open, please send us an email at firstname.lastname@example.org to request the RRIF conversion.
Instead, to convert an external RRSP to a ModernAdvisor RRIF, you can open an RRSP with ModernAdvisor and transfer your existing RRSP to us. After the transfer is complete, we can then roll it over to a RRIF. As another option, you can open a RRIF at your current institution and then transfer that RRIF to us. An account transfer from an RRSP at another institution to a ModernAdvisor RRIF will be rejected due to an account type mismatch.
Please note that internal transfers between an RRSP account and a RRIF account, whether on the client or advisor dashboard, are not supported.