Converting your RRSP to an RRIF with Saven Financial is simple. Our
online platform will guide you through the process, ensuring a
seamless transition. You can transfer your existing RRSP investments
directly into your new RRIF.
Minimum Required Withdrawals (MRWs)
Once your RRIF is established, you'll need to make annual
withdrawals, known as RMWs. The amount you must withdraw each year
is based on a percentage of your RRIF's value, which increases as
you get older.
Tax implications
RRIF withdrawals are considered taxable income. However, by
carefully planning your withdrawals and taking advantage of
potential tax deductions, you can minimize your tax burden and
maximize your retirement income.