Turning 71 in 2026? Your RRSP must become a RRIF — and the tax hit may surprise you

AI Briefing

• – By 2026, all RRSPs must be converted to a Registered Retirement Income Fund (RRIF).
• – Failure to convert can result in a 50% penalty on the amount withdrawn before age 72.
• – Retirees must begin taking RRIF payments by March 1st of the year following their 71st birthday.