Converting RSPs to RIFs | RRSPs and RRIFs | Discussion forum

i have occasionally found that some financial institutions do offer RIFs even though there is no mention of them on their website, but I don't know about this one.

An RSP can be converted to an RIF during the term of the GIC, in which case the GIC just continues on until maturity as if nothing had changed.

If your goal in converting to RIF now is to avoid the reduced interest when you then cash in early, I don't think that will work.
However, if you do the conversion before the end of the year and then choose a date in early January for your mandatory withdrawals, you should be able to get that much out without penalty. They might even allow you to set the withdrawals for a larger amount, but that would have to be the same every remaining year and tax would be deducted from the excess portion.

I would interpret that to mean that you can convert your RSP to RIF at icici. The four options they give are standard for any RSP, not specific to icici. They may, however not be interested in people transferring RIFs into icici, but that's not your concern.

However, "withdraw your RSPs" may not refer to GICs. It may only refer to an RSP savings account.

I go back to my first comment, #7 above, which I think still holds.

Here's what I would do. I would convert to an RIF. This at least allows you to start withdrawing, and there is nothing they can do about it. Usually, you have an option to take the mandatory amount in the year of conversion. I would insist on that.
You need to read the Terms and Conditions that went with your GIC. If it says non-redeemable, then I think you won't be able to do anything further on redemptions. I once had a lengthy exchange with Oaken over this issue, although I was just planning ahead and did not have a need at the time. They were evasive as to whether the GIC could be broken. It would be at their discretion.
I think you need to talk to a manager to see if anything can be done about the GIC. Can you get in to a branch to do that before end of year?
If the end result is that the GIC cannot be broken, then your next best option is, as I said, to convert to RIF and set it up for a larger-than-mandatory annual withdrawal, beginning 2018. I am not sure how much discretion/control they would have over that amount. If it's a smalish RSP, which it likely is since you want to take it all into income, then they might be willing to just do what you want and let it go.
Good luck!

He doesn't have time to transfer to another institution if he wants to get the proceeds in this calendar year's taxes. They may not be under any obligation to allow you to redeem any of the GIC, especially if you are under 71 years - unless you convert to RIF and take what you can this year and next. If by chance you turned 71 in 2018, then your problem is solved because any outstanding RSP will be closed down automatically, by law, at the end of the year.

You need to get into a branch first thing Monday to start things rolling. The paper work would likely have to be done in person, if it is possible, and you can't afford to delay.

I just got off the phone with Tangerine, where I was informed that Monday, Christmas Eve, is not counted as a banking day, and neither is Dec 31. If icici is of the same opinion, then you only have two days - Thurs and Fri, in which to make something happen this calendar year.

Note that there are 3 separate operations involved here, from the point of view of the bank: 1. Transferring to RIF. 2. Withdrawing funds. 3. Closing down RSP/RIF. Bear this in mind while talking to them. You may be able to get 1 and/or 2 and delay 3, which seems to be time-consuming for some financial institutions. If they say "no", make sure you are talking about the same operation.

I'm glad you were able to find some kind of solution, even if not the best possible one.

I think it speaks very badly for ICICI that they were not more professional. Any FI that offers RSPs ought to offer RIFs. Some of them don't want to bother because RIFs are a declining asset and they are only interested in drawing in your money, not so much serving your needs. It's a cautionary tale for others. It is no doubt also a cautionary tale for OP, who certainly won't allow himself to get into a situation like this again, I'm sure.

I would be there in person again early Thursday afternoon to make sure everything goes as planned. Clearly they are not used to doing this, and things can get busy at banks at end of month and end of year. The guy who is there in person is more likely to get looked after. You can't afford for them to let things slide. I've cashed in enough RSPs and RIFs to know that things don't always go as planned. Every Fi that I have dealt with on this question has handled things differently, with varying lengths of time involved.

The transfer in-kind is a good idea, one I was not aware of. At the same time, though, it appears ICICI is not aware of it. If you had tried to do it, it might have taken them even longer to work out! - time you can't afford.

For the person who inquired about Hubert, I would not anticipate any problem. But allow time for the switch. Set up the RIF first. Transferring the funds should be easy, and I recommend phoning them to walk you through it so that you don't accidentally de-register. I haven't done this precise manoeuvre with them but they have been very good about moving money around within an RSP from savings to GIC and back. Just today spouse moved funds from the old rate of one year GIC to the new one, and also made a withdrawal. All in one phone call.
There are two issues that I am aware of with Hubert.
If you set up a registered plan but don't put any funds into it during the year in question, they will close it on you at the end of the year. This can cause an upset if you had funds in transit from elsewhere at that time.
The second is that Hubert doesn't offer any kind of one-year GIC for RIFs at all. For this reason, I will not be using them for RIFs.
When my existing RIF GICs mature, they will likely be transferred to Accelerate, where they will remain unless something better appears that is in my province of residence, which I would prefer. I have cashed out most of them for tax reasons, so will let them wind down at Accelerate. Accelerate allows up to 20% withdrawal annually, which gives me enough flexibility to meet my tax needs, along with proceeds from maturities. I don't know any other FI that offers this.