Thank you for submitting your question to Re: Investing.
You do not need to transfer all of your RRSP funds at once – you can do this over time if you want but once you have opened and start using your RRIF, you must make minimum withdrawals (which is calculated with predetermined factors). You can also transfer multiple RRSPs to one RRIF, or you can hold multiple RRIFs – it’s up to you. Be aware, you must close all of your Registered Retirement Savings Plan (RRSP) accounts and either convert them to a Registered Retirement Income Fund (RRIF), buy an annuity, or take the amount as cash before the end of the year you turn 71.
Speak to a registered financial representative to learn about options that best fit your retirement needs and personal financial situation.