RRIF | Registered Retirement Income Fund
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- All RRSPs must be converted into RRIFs, by December 31st the year you turn 71.
- Under these plans you are required to receive a minimum level of retirement income each year, while continuing to defer income tax on the remaining capital and subsequent earnings.
- Payments from RRIFs are included in your taxable income and are taxed at your regular income tax rates.
- Withholding taxes apply only to any withdrawals which exceed the required level of plan distributions.
- RRIF investment options are the same as those listed for RRSPs.
