7 Things the CRA Lets You Do After 71 — Most Canadian Retirees Miss These!

Turning 71 in Canada means your RRSP must be converted to a RRIF — but it also opens the door to 7 powerful moves that many retirees never use. From reducing forced withdrawals to passing your RRIF on tax-free, here’s what you need to know after 71. Kenzo Retirees walks you through seven legitimate options available at 71 and beyond — in plain English — including: ✔️ #1 Your TFSA never closes — use it for RRIF money you don’t need ✔️ #2 Keep claiming RRSP deductions with a spousal RRSP if eligible ✔️ #3 Take RRIF withdrawals “in kind” without selling your investments ✔️ #4 Use your younger spouse’s age to reduce your RRIF minimum ✔️ #5 Split RRIF income with your spouse and use the pension income amount ✔️ #6 Have tax withheld from your RRIF minimum to avoid a surprise tax bill ✔️ #7 Name your spouse as successor annuitant so your RRIF can roll over tax-free 📌 QUICK FACTS: You must convert your RRSP to a RRIF by the end of the year you turn 71 and begin taking minimum withdrawals. Your TFSA has no age limit. You may also be able to continue contributing to a spousal RRSP after 71 if your spouse is younger and you have available RRSP contribution room. RRIF withdrawals can be taken “in kind,” meaning you may transfer investments without selling them. You can elect to use your younger spouse’s age when calculating RRIF minimum withdrawals, provided the election is made when setting up the RRIF. RRIF income received after age 65 may qualify for the pension income amount and pension income splitting. You can request voluntary tax withholding from your RRIF minimum to help avoid an unexpected tax bill. Proper beneficiary or successor-annuitant designations can help your RRIF pass to your spouse on a tax-deferred basis. 📌 DISCLAIMER: This video is for general informational purposes only and is not financial, tax, or legal advice. Rules can be complex and depend on your personal circumstances. Always confirm important decisions with a qualified accountant, tax professional, or financial advisor. If this helped you, 👍 like, subscribe to Kenzo Retirees, and share this video with someone approaching age 71. #CanadianSeniors #RRIF #RRSP #Retirement #SeniorsCanada #RetirementPlanning #RetirementCanada #TFSA #PensionSplitting #TaxStrategies #Turning71 #EstatePlanning #PensionCanada #SeniorMoney #RRIFWithdrawals