RRSP Withdrawal Options at Retirement
With February being the busiest month of RRSP season, I am often asked during annual reviews “what is the best way to get the money out of my RRSP?”
Canada Revenue Agency (CRA) allows RRSP holders to defer withdrawals until the end of the year they turn 71. At this point in time, the RRSP must be turned into a pension (either an Annuity or RRIF) or it will be redeemed in full on December 31st of that year.