Your Retirement Savings Plan (RRSP) can be converted into a retirement income at any time, but no later than the end of the calendar year in which you turn 71.

A Registered Retirement Income Fund (RRIF) lets you make withdrawals as you need and the remaining balance is still tax‑sheltered. While you are required to make a minimum withdrawal each year, there are no other limits on withdrawals and the balance of your savings can continue to grow tax-free (until withdrawn).

A Spousal RRSP is a retirement savings tool that a married or common‑law couple can use to save for retirement and lower their taxes. It lets couples split their income after they retire.

By contributing to a Spousal RRSP, the higher‑earning spouse receives a tax deduction that could lower their personal tax bill for the year, while the lower‑earning spouse would get taxed at a lower marginal tax rate when the money is withdrawn from the Spousal RRSP. When the lower‑income spouse retires and begins to draw on the income, their lower tax rate can be helpful in managing your tax burden as a couple. At the same time, the tax deduction on contributions made by the higher-income spouse may allow for more immediate tax relief.