There is no minimum age for converting an RRSP to a RRIF, so you can convert as soon as you need retirement income. But you do have to convert your RRSP investments into some form of retirement income before the end of the calendar year in which you turn 71. You can make a contribution to your RRSP for that year as long as you contribute by December 31.

There are no tax consequences when you transfer your funds from an RRSP to a RRIF. The payments you receive from your RRIF are taxable at the same rates as RRSP withdrawals, but withholding tax is not automatically applied to minimum RRIF payments.  Since your RRIF income is spread over your retirement years, so are the taxes. If you are over age 65, income received from your RRIF and other pensions qualifies for the Pension Income Credit, which can lead to tax savings.

You must take some taxable payments from the RRIF each year, except the year that you first open your RRIF. You can choose any payment level, as long as the total each year is at least equal to the mandatory minimum amount.

The minimum amount changes annually and is calculated through a government formula based on your age (or your spouse's age, if you so choose) and the total value of the RRIF at the beginning of the year.

There is no maximum payment level. With many RRIFs you can vary your payments up or down from year to year (as long as the minimum withdrawal is maintained). Obviously, the larger the payments you take out, the sooner your funds will be depleted.

Yes, you can choose to base your RRIF payments on your birthdate or your spouse's/common-law partner's birthdate.

• If your spouse is younger, especially if younger than 71, your minimum payments will be much lower
• If you select the age of the older spouse, your minimum payment will be higher without triggering a withholding tax at source
• If both RRIFs are based on the same birth date, when one spouse passes away the survivor can combine two or more RRIFs into one, rather than having to continue with separate RRIFs

If you didn't make this choice when you applied for your RRIF, or if you marry or enter into a common-law partnership later, you can transfer your RRIF to a new RRIF based on your spouse's age.

The 2015 Federal Budget released measures to reduce the withdrawal factor for Registered Retirement Income Funds (RRIFs) for annuitants between the ages of 71 and 94.

No. For 2015, Friesland will pay out RRIF minimums based on the ‘old’ withdrawal factors. If you would like to have your payment(s) modified to reflect the ‘new’ minimum withdrawal factors, you must provide specific instructions to do so.

No. For 2015, Friesland will pay out RRIF minimums based on the ‘old’ withdrawal factors. If you would like to have your payment(s) modified to reflect the ‘new’ minimum withdrawal factors, you must provide specific instructions to do so.

Yes, these changes apply to all types of RRIFs.

You may be eligible for a re-contribution to your RRIF if you have withdrawn more than the new minimum for your age in 2015 as a result of this reduction. You will be permitted to re-contribute the excess, representing the calculated difference between the existing minimum withdrawal amount, and the new reduced minimum withdrawal amount. The re-contribution will be deductible for the 2015 tax year.

If you would like to request a change to your annual minimum payment amount you can:

• Visit your local branch
• Call the Friesland Contact Centre at 1.877.560.0100

If you have already received your RRIF annual minimum payment for 2015, or choose not to adjust your remaining payments to reflect the new minimum, you may be eligible for re-contribution. Speak to one of our representatives more information to help you determine your eligibility for a RRIF re-contribution.

You have until February 29, 2016 to make an eligible re-contribution. 

When a re-contribution is made, you will receive a re-contribution receipt exclusively for the re-contributions made to a RRIF for the 2015 Tax Year only.

If you choose not to re-contribute the eligible amount, it will be reported in Box 16 of the T4RRIF slip as a taxable amount. This amount will not be subject to excess withholding taxes for the 2015 taxation year. Only amounts withdrawn in excess of the “old” minimum amount will be subject to excess withholding taxes for 2015 only.

Yes. If you are eligible for a re-contribution, you may re-contribute any amount up to, but not exceeding the difference between the old minimum and the new minimum.

Friesland, will Friesland provide me with a confirmation that I have not exceeded my total eligible re-contribution amount?

No, it is your responsibility to ensure that you are not over re-contributing to your RRIF(s). Friesland cannot track what other RRIFs you may have with other financial institutions. Friesland will only provide you with confirmation of the eligible re-contribution amount for any RRIFs held At Friesland N.V. - Finance & Asset Management.

You may only be eligible to re-contribute the difference between the old minimum and the new minimum for the 2015 tax year.

You will receive a contribution receipt that will indicate that it is a 2015 re-contribution to your RRIF as well as an Eligible Withdrawal Amount letter.

You can expect to receive your re-contribution receipt and eligible withdrawal amount letter in March 2016. Exact mailing dates have not been released.