Get the free RRSP TO RRIF CONVERSION FOR CLASS CLASS PLUS CLASS PLUS - empire

RESP TO RIF CONVERSION FOR CLASS, CLASS PLUS, CLASS PLUS 2, CLASS PLUS 2.1 AND EMPIRE LIFE GIF 75/75, 75/100 & 100/100 CONTRACTS Throughout this form, Empire Life means The Empire Life Insurance Company.

How to fill out rrsp to rrif conversion

How to fill out RRSP to RRIF conversion:

1. Determine your age: RRSP to RRIF conversion is typically done once you reach the age of 71 or earlier if you choose to convert it earlier.
2. Calculate your minimum withdrawal: Once converted to a RRIF, you'll need to make minimum annual withdrawals based on your age and the value of your RRIF.
3. Contact your financial institution: Reach out to your financial advisor or RRSP provider to initiate the conversion process. They will guide you through the necessary paperwork and provide you with the required forms.
4. Complete the forms: Fill out the conversion forms accurately and provide any necessary details such as your name, account number, contact information, and desired RRIF investments.
5. Choose your investments: Decide on the investments you want for your RRIF, such as stocks, bonds, mutual funds, or other options. Seek advice from your financial advisor if needed.
6. Review and submit: Double-check all the information you provided on the forms, making sure it is accurate and complete. Then, submit the forms to your financial institution for processing.
7. Monitor your RRIF: Once the conversion is complete, actively monitor your RRIF investments and make any required adjustments as per your financial goals and risk tolerance.

Who needs RRSP to RRIF conversion?

1. Individuals aged 71 or older: The RRSP to RRIF conversion is required for individuals who have reached the age of 71 according to Canadian tax rules. If you haven't converted your RRSP to a RRIF by then, the government mandates that you do so.
2. Those who want a steady income stream: Converting your RRSP to a RRIF allows you to receive a regular stream of income. This can be particularly beneficial for retirees who require a consistent income to cover their expenses.
3. Individuals seeking tax advantages: By converting your RRSP to a RRIF, you can potentially benefit from tax advantages. While you'll still be taxed on your minimum annual withdrawals, any income generated within the RRIF is tax-sheltered until you withdraw it.
4. Those planning for estate planning: Converting your RRSP to a RRIF can be a part of your estate planning strategy. With a RRIF, you can name beneficiaries to receive the remaining funds upon your death, providing a smoother transition of your assets to your loved ones.
5. Individuals wanting more investment flexibility: Unlike RRSPs, which have contribution limits and restrictions after the age of 71, RRIFs offer more flexibility in terms of investments and withdrawals. If you prefer greater control over your investments or want the option to withdraw more than the minimum, converting to a RRIF may be suitable for you.

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