You may elect to retire and start receiving the proceeds for the program up to, but no later than the end of the calendar year in which you turn age 71. The Income Tax Act (Canada) requires that the program cease to exist on your behalf at age 71. At this time you must convert your RRSP to a retirement income.
The amount of benefit at retirement will be the income that can be derived from the accumulation in a member’s account.
There are three ways in which you are able to receive Retirement income from the program.
You may wish to seek independent advice at retirement as to which option is best suited to you.