What is a RRIF?
The Registered Retirement Income Fund (RRIF) is a type of retirement account that allows tax deferral on funds until withdrawal. It is often used to convert RRSP funds at retirement age.
The Registered Retirement Income Fund (RRIF) is a type of retirement account that allows tax deferral on funds until withdrawal. It is often used to convert RRSP funds at retirement age.
RRSP must be converted to RRIF by age 71 at the latest.
Withdrawals from a RRIF are taxable as income.
Minimum annual limits apply.
RRIF can hold various assets (stocks, bonds, etc.).
Transferable between institutions without tax impact.
The spouse can continue receiving payments upon death.
Some RRIFs require liquidation after a certain age.
"It is recommended to consult an advisor to understand province-specific rules."
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