In accordance to the 2007 Federal Budget, taxpayers can now wind up registered retirement savings plans (RRSPs) by December 31 in the year he or she turns 71. This change is effective January 1, 2007. Since this is a retroactive amendment, taxpayers who have already wound up his or her RRSPs at age 69 according to the previous guideline, may have the opportunity to stop registered retirement income fund (RRIF) payments until the year after they turn 71 and/or open a new RRSP, if contribution room still exists.