How do I setup a RRIF?

A RRIF account can be set up anytime - although typically, they are set up when you are about to turn 71 and need to convert your invested funds. Any existing RRSP accounts are required to be converted into a RRIF by the end of the year in which you turn 71.

To set up a RRIF, you can either:

1. Proactively open a new RRIF with Network Wealth before you turn 71, and request to move funds from an existing RRSP; or,
   
   
2. Review and sign the paperwork related to your RRSP being automatically converted into a RRIF on your behalf in December of the year you turn 71.