Summary
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).
Steps
Step 1 - Ensure RRIF and LIF Account is Open
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".
Step 2 - Email Support@modernadvisor.ca
Please send us an email at support@modernadvisor.ca to request the conversion. Please let us know the specific account numbers of both the RRIF and the RRSP.
Transfer Ins
An account transfer from an RRSP at another institution to a ModernAdvisor RRIF will be rejected due to an account type mismatch.
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.
Please note that internal transfers between an RRSP account and a RRIF account, whether on the client or advisor dashboard, are not supported.