Is there any advantage to opening a RRIF account before age 71?

An RRSP has to become a RRIF by the end of the year you turn 71, but this piece looks at why some people choose to make that switch earlier, on purpose. The question is whether there is any real benefit to converting ahead of the deadline, and the answer turns out to be yes for the right person. Starting a RRIF sooner can open the door to smoothing income out over more years, which helps manage taxes, and it can let you claim the pension income tax credit and split eligible income with a spouse. The thinking is about getting ahead of a future tax squeeze rather than waiting for the rules to force your hand. It is most relevant to someone in their sixties with a sizeable RRSP who would rather plan their withdrawals deliberately than have a large balance land all at once later.