5 Reasons to Convert Your RRSP to a RRIF Before 71 (And the One Reason Not To)

In this episode of the AskTMFG Podcast, Carlo Cansino, Senior Financial Advisor with The McClelland Financial Group, tackles a decision most Canadians leave until the CRA forces their hand: when to convert an RRSP into a RRIF. Age 71 feels like the deadline, but it's actually the last resort; everything before that is a choice, and the clients who convert early usually end up with more control, not less. He walks through why converting before 71 lets you set your own withdrawal size instead of being locked into the CRA's mandatory minimum, why RRIF income (unlike RRSP withdrawals) unlocks pension splitting and the $2,000 pension income tax credit starting at 65, and how an early conversion gives you room to refill unused TFSA space on your own timeline. He also breaks down the compounding effect of waiting: a fuller RRSP balance at 71 collides with a higher mandatory withdrawal percentage, pushing more income onto a tax return at the exact moment CPP and OAS also kick in, and for 2026, crossing the $95,303 OAS clawback threshold costs 15 cents of OAS for every dollar over. 👉 Watch the full video here: https://youtu.be/SelA_V0yWY0  Question for our viewers: Do you know whether converting your RRSP early or waiting until 71 makes more sense for your income picture? 👉 Complimentary portfolio analysis: https://tmfg.ca/portfolio-analysis/ Follow us: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/