Termination of RRSPs

Chapter 5 page 17

At 71. After there's the following options:

* Withdraw the proceeds as a lump sum. The entire amount is the added to income and taxed accordingly in the year of the receipt.

* Use the proceeds to purchase a fixed term annuity, which provides benefits until a specified age.

* Purchase a life annuity, with or without a guaranteed period. These are offered by life insurance companies.

* Transfer the RRSP proceeds into a Registered Retirement Income Fund (RRIF).

* Any combination of the above.

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