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RIF & LIF Review

Posted by Timothy Ross on October 21, 2021 at 4:29pm

RSP/LIRA account holders who will turn 71 years old before December 31, 2021

In accordance with the requirements of the Income Tax Act (ITA) requirements, all RRSP and LIRA accounts must be transferred to a Registered Retirement Income Fund (RRIF) or a Life Income Fund (LIF), by December 31 of the year during which the client turns 71.

rif, tax planning, lif

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RSP/LIRA account holders who will turn 71 years old before December 31, 2021

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