If you are turning 71 this year you will need to close your RRSP by December 31.

This being said, it doesn’t mean you have to leave the CEIRP plan. You may have already been contacted by Canada Life and have made a decision about opening a CEIRP RRIF. This account offers the same low investment management fees as the RRSP and you will still have the same online access to your account information through MyCanadaLifeAtWork.com.

If you are planning to continue working, even if only occasionally as many IATSE and DGC members do, your payroll contributions can still be directed to a non-registered account or possibly a spousal RRSP. You are also welcome to contribute to a TFSA.  For more information, kindly speak to your Local or Guild plan administrator.