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Originally Posted by Dominicwasalreadytaken
Cool, I didn't know that. What do you mean by collapses, though? If you were still working at 70 years old you wouldn't be able to contribute to your RRSP? If I understand your term of 'collapses' properly, does that mean that it automatically becomes some kind of savings account, and you immediately get taxed on the entire amount in your RRSPs? Sorry for the ignorance, I've never heard of this before.
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You do have to collapse your RRSP. The best way taxwise is to convert it into a RRIF. If you just take the cash, you will pay a HUGE tax bill since your RRSPs will be worth at least a couple hundred thousand by than and probably millions