Registered retirement income fund (RRIF)

Registered retirement income funds are extensions of RRSPs.

• The minimum annual withdrawal amount is established at the beginning of each year based on your choice of your age or the age of your spouse.
• You can convert all or part of your RRSP to a RRIF before you turn 71.
• You can withdraw more funds, but not less than the set minimum amount.
• Starting from the year after you set up an RRIF, you must withdraw a minimum amount each year.
• Amounts you receive from an RRIF are included in your taxable income.
• You may hold more than 1 RRIF.
• You can spread income out over a number of years to create lifetime income and spread your tax burden over several years.
• You can convert all or part of your RRIF into an annuity at any time.