To convert a ModernAdvisor RRSP into a RRIF, please send us an email at support@modernadvisor.ca to request the conversion. Please let us know the specific account numbers of both the RRIF and the RRSP.
Please ensure that there is an open RRIF with ModernAdvisor before making the request. This can be done from the client dashboard by clicking on "Add Account". If you're a planner, navigate to the specific client's profile and click "Add Account".
You can convert an RRSP to a RRIF at any age, but you're required to do so by the end of the year in which you turn 71. Once the RRSP is converted to a RRIF, you can no longer make contributions to the plan. Instead, you'll begin to receive a minimum annual withdrawal amount from the RRIF. This amount is based on a percentage set by the Canadian government and is determined by your age (or the age of your younger spouse or common-law partner, if you choose).
Transfer In
Instead, to convert an external RRSP to a ModernAdvisor RRIF, you can open an RRSP with ModernAdvisor and transfer your existing RRSP to us. After the transfer is complete, we can then roll it over to a RRIF. As another option, you can open a RRIF at your current institution and then transfer that RRIF to us.
An account transfer from an RRSP at another institution to a ModernAdvisor RRIF will be rejected due to an account type mismatch.
Please note that internal transfers between an RRSP account and a RRIF account, whether on the client or advisor dashboard, are not supported.