The Moment You Turn 71, the CRA Forces Your RRSP Into a RRIF — 7 Things Most Canadians Miss

The Moment You Turn 71, the CRA Forces Your RRSP Into a RRIF — 7 Things Most Canadians Miss

The moment you turn 71 in Canada, the CRA forces your RRSP to convert into a RRIF. Mandatory minimum withdrawals begin, your tax bracket shifts, OAS clawback risks spike, and estate planning windows close. Most Canadians discover these rules too late. I spent 28 years inside the Canada Revenue Agency's compliance division. I've sat across from hundreds of retirees who missed critical deadlines at 71 simply because nobody explained what changes. This video walks through the 7 things the CRA expects you to handle before December 31st of the year you turn 71.

Winston is a veteran tax specialist with a 34-year career history, including extensive experience as a CRA agent. He has spent decades on the front lines of Canadian tax compliance—navigating audits, estate transfers, and retirement planning across Toronto and Ottawa. After retiring in 2022, Winston shifted his focus to educating families on how to manage their life savings without falling into common regulatory traps.
Education: Bachelor of Commerce, Queen's University.
Background: Specialist in RRSP/RRIF strategies, TFSA matters, and GST/HST compliance.

Disclaimer: Winston is not a CPA, CFP, or registered advisor. This content is for educational purposes only.

IMPORTANT LEGAL NOTICE:
This channel is NOT affiliated with, endorsed by, or an official representative of the Canada Revenue Agency (CRA), Service Canada, or the Government of Canada. Winston Thorne is a retired professional providing independent educational content.

Видео The Moment You Turn 71, the CRA Forces Your RRSP Into a RRIF — 7 Things Most Canadians Miss канала Winston Thorne | Canadian Retirement Specialist