RRSP Maturity Planning

Last Updated: September 23, 2022Print Version (PDF)

At the end of the year in which you turn 71, you must transfer your RRSP into one of the following:

  • Registered Retirement Income Fund (RRIF), one or more
  • Registered Annuity, one or more
  • A combination of the above

If you do not transfer your RRSP, the entire amount could become taxable.

Retiring Your RRSP

These are some considerations for retiring your Registered Retirement Saving Plan (RRSP) before it matures.


  • Transfer early, at 65, and start to benefit from $2,000 per year pension deduction
  • Transfer to one or more RRIF
  • Transfer to one or more annuities
  • Create a guaranteed income stream for life


  • You can designate your spouse, any individual or your estate as the beneficiary to your RRSP
  • A RRSP can transfer to your spouse without triggering tax on the transfer.
  • If you do not have a spouse, the usual recommendation would be for the estate to be the beneficiary.
  • When you select an individual to be the beneficiary you can create unintended tax consequences on the estate.
  • Please review your beneficiary selection with your financial advisors.

You Are Unique

  • Everyone's circumstances are unique, please discuss yours with your financial advisors before making decisions that will affect the lives of your beneficiaries.

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