How to save taxes while converting your RRSP to a RRIF

A 71-year-old reader still working full-time is frustrated that the government forces his RRSP to convert into a RRIF the year he turns 71, whether he needs the income or not, and that the mandatory withdrawals that follow are taxed on top of his regular paycheque. Allan walks through why the rule exists and traces its history, including past reductions to the minimum withdrawal factors that eased some of the pressure on retirees who convert. He also looks at the growing case, made by advisors and industry groups alike, for pushing the mandatory conversion age from 71 out to 75, which would give people who keep working longer more room to manage their own timeline. For someone in exactly this reader's position, still earning a salary at 71, the piece works through concrete ways to soften the tax bill on withdrawals that can't be avoided, rather than just accepting the bracket-pushing hit. It's a useful, slightly pointed read for anyone still working past 71 who feels like the RRIF rules were built for a different generation of retirees.