Registered Retirement Income Fund (RRIF)
To ensure retirement income
Retirement
The Registered Retirement Income Fund (RRIF) is an extension of your RRSP.
- Minimum amount based on your age or your spouse’s age, as you choose, at the beginning of each year.
- Possibility of converting all or part of your RRSP into a RRIF before age 71.
- Possibility of withdrawing more, but not less than the set minimum.
- Starting the year after you set up the RRIF, a minimum amount must be paid to you each year.
- Amounts received from a RRIF are added to your taxable income.
- Possibility of owning more than one RRIF.
- Spread your retirement income over a number of years to generate a lifetime income and spread your taxes over several years.
- Option to convert to an annuity at any time, in whole or in part.