One of the most common questions I get when helping people with their financial planning is, "How do I take my money out of my RRSP?"  For most people, they know how to deposit the money but they don't know how to take the money out.  I have also found there is a lot of misinformation out there. 

Some people think they have to take all the money out when they turn 71 years of age and the money is all taxed at that time.   There is an element of truth to that in that you do have to close the RRSP before the end of the year that you turn 71 years of age, but you can transfer the RRSP to a Registered Retirement Income Fund (RRIF) with no tax implications.  

In addition, what may be best for one person may not necessarily be the best for another.  Your co-worker or best friend may have found a solution that works for them but is it really the best one for achieving your goals?  This is why a discussion with a trusted Financial Planner is a valued consideration in finding the best solution for YOU!   

This booklet reviews the retirement income options available to you and allows you to explore in some detail those you find most appealing.

Download document ↓

© 2021. The Manufacturers Life Insurance Company. All rights reserved.

The Manufacturers Life Insurance Company is the issuer of guaranteed insurance contracts, annuities and insurance contracts containing Manulife segregated funds. Manulife Mutual Funds, Manulife Private Investment Pools, Manulife Closed-End Funds and Manulife Exchange-Traded Funds (ETFs) are managed by Manulife Investment Management Limited. Manulife Investment Management is a trade name of Manulife Investment Management Limited (formerly named Manulife Asset Management Limited) and The Manufacturers Life Insurance Company.