RRIF (Registered Retirement Income Fund)

By the end of the year in which you turn 71, you must convert your RRSP into a retirement income option. A RRIF will provide you with the most control over your investments and the flexibility to adjust the amount and frequency of income. Funds in a RRIF remain tax-sheltered until withdrawn. You choose the payment amount, provided it meets Canada Revenue Agency’s minimum requirement. A RRIF provides protection for your estate; you control what happens to your funds at your death. Funds can be rolled over to your surviving spouse tax free.