This page is a plain-language overview, not a full walkthrough of every rule. The mechanics below change from time to time, so treat this as a starting map — the links at the end go to sources built to stay current.

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• An RRSP has to be converted — usually into a Registered Retirement Income Fund (RRIF) — by the end of the year the holder turns 71.

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• Once a RRIF is open, minimum annual withdrawals are required starting the following year. You can always withdraw more than the minimum, never less.

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• Withdrawals above the RRIF minimum, and any RRSP withdrawal, have tax withheld at source. It isn’t an extra charge — it’s a prepayment toward the tax owed once the withdrawal is added to income for the year.

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• A TFSA has no minimum, no maximum, and no withholding — withdrawals are tax-free at any time, since contributions were already made with after-tax dollars.

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• A non-registered account has no withdrawal schedule either, but dividends and realized gains are taxed each year as they occur, whether or not anything is withdrawn. 

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• Locked-in accounts (LIRA/LIF) generally follow a similar minimum-withdrawal structure, often with a maximum cap too — the exact rules depend on which province the original pension was registered in.