You must convert your RRSP to an RRIF by December 31 of the year you turn 71. You can convert earlier if you’re ready to draw income — for example, before your CPP starts. The transfer is tax-free, and your investments move over as they are, they don’t have to be sold. If we don’t receive your instructions in time, Scotiabank automatically converts your RRSP to an RRIF so your savings stay tax-sheltered.​

There’s a minimum amount you must withdraw each year, set by the government. It’s a percentage of your RRIF’s value on January 1, based on your age, starting at 5.28% at age 71 and rising each year. There’s no minimum in the year you open the RRIF, and no maximum — you can always take more. If your spouse or common-law partner is younger, you can choose to base your minimum on their age, but you must choose this when you open your RRIF, and it can't be changed later.

Yes, withdrawals are taxable income in the year you take them. Your minimum payment has no tax withheld. Amounts above the minimum have with holding tax of 10%, 20%, or 30%, depending on how much you take.​