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5 Things to Know Today: 68,000 Jobs Lost, a Weaker Loonie and the Oct. 28 BoC Decision

  Oct 12, 2026   Happy Thanksgiving. Canadian markets are closed today, but the numbers that shape your wallet aren't taking the day off. Here are five things to know on Monday, October 12. 1. Canada lost about 68,000 jobs in September, wiping out 2026's gains Statistics Canada reported that employment fell by roughly 68,000 in September, following a 41,700-job drop in August. The unemployment rate edged up to 6.5% from 6.4%. Economists had forecast a small gain. Put the two months together and Canada has lost about 41,200 jobs so far this year, compared with a gain of 211,300 over the same stretch of 2025, according to Reuters. The losses were spread almost evenly between full-time and part-time work and were concentrated in the public sector. Workers aged 15 to 24 lost 48,000 jobs, Quebec shed 49,000, and Ontario's unemployment rate sits at 7.0%, the highest among the large provinces. Average hourly wages were up 2.3% from a year ago. What it means for you: A softening j...
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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:

  1. Choose a Financial Institution: Select a bank or financial institution to hold your RRIF.
  2. Transfer Funds: Move your RRSP funds into the RRIF. This process is straightforward and can be done with the help of your financial advisor.
  3. 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:

  1. Select an Insurer or Financial Institution: Choose where you want to hold your LIF.
  2. Transfer Funds: Move your LIRA funds into the LIF. This can be done with the assistance of your financial advisor.
  3. 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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