At what age must Wilfred start withdrawing from his RRIF?

The correct answer is that Wilfred must start withdrawing from his RRIF (Registered Retirement Income Fund) at the age of 71. However, it’s important to clarify that the change to the age of 71 was part of a legislative update set to take effect in 2021. Prior to this change, the age for mandatory withdrawal was 70.

At age 71, individuals are required to convert their RRSPs (Registered Retirement Savings Plans) into a RRIF or purchase an annuity. This rule is part of the regulations put in place to ensure retirees begin to draw down their retirement savings and ensure that the funds are eventually taxed, rather than allowing them to grow indefinitely in a tax-deferred account.

To summarize, the age of 71 is the correct age for mandated withdrawals, reflecting the current regulation surrounding RRIFs.