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Registered Retirement Income Fund

  • A Registered Retirement Income Fund (RRIF) is an account registered with the federal government that gives the account holder consistent income in retirement. The corpus collected in the RRSP for retirement can be withdrawn from the RRIF as income.
  • Once the RRIF is created, you cannot make any more contributions to the plan but you can more than one RRIF.
  • The type of investments which one can hold in a RRIF varies between GICs, Investment Funds, stocks and bonds.
  • You must convert your RRSP into some form of income by December 31 of the year you turn 71. But if you simply convert RRSP to cash, the additional income will attract tax.

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