Q: Is there any advantage to opening and starting a registered retirement income fund ( RRIF) account before I reach the age of 71? — Sanjay FP Answers: Sanjay, there are multiple reasons for ...

You do not need to convert your RRSP to a registered retirement income fund (RRIF) to take a withdrawal. But unless you buy an annuity or cash in your entire RRSP account, you need to convert it to a ...

In summary, Jackie, you don’t have to convert your RRSP to a RRIF to take a withdrawal from the account. There may, however, be tax advantages to RRIF withdrawals over RRSP withdrawals.