What is the RRSP contribution limit for 2024?

18% of prior year earned income to a maximum of $31,560 for 2024. Unused room carries forward indefinitely. Contributions are deductible; withdrawals are taxable. TFSA ($7,000 in 2024) uses after-tax money with tax-free growth and withdrawals.

When must RRSP be converted to RRIF?

RRSP must be converted to a RRIF (or annuity) by December 31 of the year you turn 71. RRIF minimum withdrawals start the following year based on a percentage of the account value (2.86% at 72, increasing each year to 20% at 95+).

What is the optimal RRSP/TFSA withdrawal strategy in retirement?

Generally: deplete RRSP/RRIF in lower-income years (early retirement), use TFSA to supplement without affecting OAS clawback or GIS eligibility. Roth-equivalent TFSA withdrawals are completely tax-free and don't count as income for benefit calculations.

Canada RRSP to RRIF Conversion and Minimum Withdrawal Calculator

Calculate RRSP contribution limits (18% of income or $31,560 for 2024), RRIF mandatory minimum withdrawals (must convert by Dec 31 age 71), and optimal RRSP/TFSA split strategy for Canadian retirement planning.