WealthQuiz: Do You Know the Rules of Retirement in Canada?
⚠️ For information only. This quiz tests general knowledge; WealthWise is not a registered investment advisor and gives no personalized advice.
CPP/QPP, RRIF, Old Age Security... Canadian retirement has its own rules, and several are commonly misunderstood. Test your knowledge in 7 questions.
Answer the questions, then see your score and an explanation for each. No account needed.
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Frequently asked questions
Are CPP/QPP and OAS the same thing?
No. CPP/QPP is a contributory plan based on your employment contributions. Old Age Security (OAS) is a universal federal benefit based on years of Canadian residency, funded from general revenue, not contributions.
Why convert an RRSP to a RRIF if I don't need the income?
Conversion at 71 is legally mandatory — it's not optional. You can, however, choose to withdraw only the required minimum each year if you don't need more.
Are there other options besides a RRIF at 71?
Yes, you can also purchase a life annuity or fully cash out the balance (generally less tax-efficient). A RRIF remains the most common and flexible option.