All RRSPs must be converted to Registered Retirement Income Funds (RRIFs) no later than December 31st in the year that you turn 71. The RRIF provides you with periodic income from your plan. There is a minimum amount that the government stipulates must be paid out to you every year. At RCU, you can choose the frequency and a specified amount which will pay out to your RCU account, as long as it meets your legislated minimum.
All insurable deposits in registered accounts (TFSAs, RRSPs, RRIFs) have unlimited coverage under FSRA's deposit insurance program. Visit www.fsrao.ca for more information.
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