A Registered Retirement Income Fund (RRIF) is a government-registered account that’s used to convert your RRSP savings into income during retirement. You must start withdrawing a minimum amount each year, and those withdrawals are taxable.
Think of it as the next step after an RRSP—you can’t contribute to a RRIF, but your investments can keep growing while you withdraw funds gradually.
You must convert your RRSP to a RRIF by December 31 of the year you turn 71, but you can do it earlier if you choose. Once converted, the RRIF starts generating mandatory minimum withdrawals the following year.
71 - Minimum Withdrawal 5.28%
75 - Minimum Withdrawal 5.82%
80 - Minimum Withdrawal 6.82%
85 - Minimum Withdrawal 8.51%
90 - Minimum Withdrawal 11.92%
You can choose to use the age of your younger spouse to lower the required withdrawals.
The same investments as in an RRSP:
Your investments can continue to grow tax-deferred inside the RRIF until withdrawn.
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