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You have contributed to your RRSP throughout the years. However, the time comes when you have to start withdrawing those funds. You must convert your RRSP into a Registered Retirement Income Fund (RRIF) by Dec. 31 of the calendar year you or your spouse turns 71 and start taking withdrawals by the following year. You have to withdraw a minimum amount each year, calculated by multiplying your RRIF’s market value as of Jan. 1 of the calendar year by the prescribed factor based on your age or your spouse’s age.

Using your age or your spouse’s age, along with your expected rate of return, the RRIF Payment Calculator can help determine your RRIF payments and how long your RRIF will last.

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