RRSP to RRIF

Chappy
Chappy Member ✭✭
Only Canadian subscribers need reply please, I will soon be changing my RRSP into a RRIF, my question is how do you handle this. Do you make up a totally new account in personnel retirement, I'll be transferring the automatic withdrawals to my TFSA, is there a special way to do this or just a normal transfer. I did a search and the only topics I found were closed with no real answer on how Canadians deal with this.

Comments

  • Chappy
    Chappy Member ✭✭
    I made a new account and then did a transfer of shares, well that totally screwed up the roi % ytd. I tried to fix it but to no avail. So did a restore and simply edited the name and account #
  • wiensken
    wiensken Member ✭✭
    I went through the process of converting a LIRA to a LIF last year - and due to the CRA option to have a percentage of the LIRA moved to my RSP - I chose the option of creating a new account for the LIF and transferring the securities (some to my LIF and some to my RSP). As mentioned by Chappy, there are certain repercussions to this. In the case you have (RSP to RIF) - I'm not sure I see any downside to just renaming the account.
    Quicken user since 1996 (MS-DOS). When Quicken's head office was in Edmonton Alberta!
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