Should I start to collect my RIFF payment the year I turned 71 in 2017

[TurboTaxKim · Accepted solution]

A Registered Retirement Savings Plan (RRSP) must be converted to a Registered Retirement Income Fund (RRIF) by the end of the year in which the owner turns 71.  RRIF owners are required to withdraw a minimum amount each year, starting the year after the RRIF is established.  Your financial institution will likely send you a notification about the necessary conversion quite a while before year end, and if you don't initiate the conversion by a certain time they will likely start the conversion automatically.