Before the end of the year in which you have your 71st birthday
◦ you must transfer your RRSP assets to a RRIF.
◦ the assets inside your RRSP must be converted to cash and placed in a RRIF.
◦ you must start annual withdrawals of 18 percent of the value of your RRIF.
◦ you must pay tax on the profits sheltered in your RRSP.