Money Dates | Canadian Money Brief What's Paid, Due or Changing This Week Week of Monday, November 16, 2026 Three dates matter this week: a big inflation report on Monday, then two benefit payments on Thursday and Friday. Here is the week, plus what is coming over the next five weeks. This Week: Nov 16 to 22 Date What What to know Mon, Nov 16 8:30 am ET October inflation report (CPI) Statistics Canada's CPI for October. September came in at 3.1%, up from 3.0% in August. The Bank of Canada watches this before its Dec 9 decision. Thu, Nov 19 Canada Disability Benefit Up to $204.20 a month. Paid on the third Thursday of each month. Fri, Nov 20 Canada Child Benefit (CCB) Up to $679.75 a month for each child under 6 and $573.58 for each child aged 6 to 17, for families under the income threshold. Not this week: CPP and OAS (Nov 26). The Groceries and Essentials Benefit, formerly the GST/HST credit, is not paid again until Jan 5, 2027. The Ontario Trillium Benefit was paid Nov 10....
Navigating Retirement: Converting RRSPs to RRIFs and LIRAs to LIFs
As you approach retirement, understanding how to convert your Registered Retirement Savings Plan (RRSP) to a Registered Retirement Income Fund (RRIF) and your Locked-In Retirement Account (LIRA) to a Life Income Fund (LIF) becomes crucial. Here’s a concise guide to help you navigate these transitions smoothly.
Converting RRSP to RRIF
By the end of the year you turn 71, you must convert your RRSP into a RRIF. This conversion is mandatory and ensures that your retirement savings start providing you with a steady income. Here are the steps:
- Choose a Financial Institution: Select a bank or financial institution to hold your RRIF.
- Transfer Funds: Move your RRSP funds into the RRIF. This process is straightforward and can be done with the help of your financial advisor.
- Set Withdrawal Schedule: Decide on the frequency of your withdrawals—monthly, quarterly, semi-annually, or annually. Note that there is a minimum amount you must withdraw each year, but no maximum limit.
Converting LIRA to LIF
Similar to RRSPs, LIRAs must be converted by the end of the year you turn 71. LIRAs are typically created from employer pension plans and have restrictions on withdrawals until retirement. Here’s how to convert a LIRA to a LIF:
- Select an Insurer or Financial Institution: Choose where you want to hold your LIF.
- Transfer Funds: Move your LIRA funds into the LIF. This can be done with the assistance of your financial advisor.
- Determine Payment Options: Decide on your payment schedule. Unlike RRIFs, LIFs have both minimum and maximum withdrawal limits to ensure the funds last throughout your retirement.
Key Considerations
- Tax Implications: Withdrawals from both RRIFs and LIFs are taxable. Plan your withdrawals to manage your tax liabilities effectively.
- Investment Choices: You can continue to hold investments within your RRIF or LIF, similar to how you managed them in your RRSP or LIRA.
- Financial Advice: Consulting with a financial advisor can help tailor these conversions to your specific retirement goals and needs.
By understanding these processes and planning ahead, you can ensure a smooth transition into retirement, securing a steady income stream for your golden years.
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