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RRSP at 71: Withdraw, RRIF or Annuity? What CRA Says
Educational information only, not tax advice. We are not the CRA and are not affiliated with it. Check canada.ca. Last checked: 17 October 2026. Anything marked expected should be re-checked. Examples use made-up numbers. This page contains no affiliate links.
Short answer: The CRA says that in the year you turn 71 you must choose one of three options for your RRSPs: withdraw them, transfer them to a RRIF, or use them to buy an annuity. A withdrawal has tax withheld by the issuer; a direct transfer to a RRIF or annuity has none withheld, but RRIF and annuity payments are income when received.
What the CRA pages say
- Options page: withdrawal (issuer withholds tax), RRIF transfer, annuity purchase; enter payments as income in the year received.
- Contributions: you can't contribute to your own RRSP after December of the year you turn 71 (spousal RRSP page); you can still contribute to your spouse's or partner's RRSP until December of the year they turn 71.
- Excerpts also say the RRSP must mature by the end of the year you turn 71 and that December 31 of that year is the last day to contribute to it; RRIFs have annual minimum withdrawals, with additional withdrawals subject to withholding (search excerpts of CRA pages).
Relevance to the 60-day deadline
If you turn 71 in 2026, the CRA wording implies your last contribution date is December 2026; the first-60-days window for 2026 generally relates to contributions after that. We did not read CRA wording on that situation, so do not rely on it (key dates); ask the CRA or a professional.
Questions to ask your issuer
- Which option do you intend and by what date should instructions be in?
- Is the transfer direct (no withholding)?
- What minimum payment applies to a RRIF in the following year?
Related reading: RRSP limit · spousal RRSP rule · RRSP vs TFSA vs FHSA.
FAQ
Does it matter if I keep working after 71? Not covered by the pages we read.
What are RRIF minimum percentages? Not read; see the CRA RRIF pages.
What we could not verify
- RRIF minimum withdrawal factors (not read).
- Handling of a 2026 age-71 case in the first 60 days of 2027.
- The 'Matured RRSP' and FAQ pages were read as search excerpts.
- Any 2026 or 2027 changes to the age.
Sources (official)
- Canada Revenue Agency, Options for your own RRSPs — https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/rrsp-options-when-you-turn-71/options-your-rrsps.html (read in full 17 October 2026)
- Canada Revenue Agency, Contributing to your spouse's or common-law partner's RRSPs (search excerpt 17 October 2026)
- Canada Revenue Agency, Matured RRSP including commutation payments; Important dates for RRSPs, HBP, LLP, FHSAs and more; RRSP/RRIF FAQ (search excerpts 17 October 2026)
RRSP deadline planner → Dates calendar →
Not tax or financial advice. See the disclosure.