What is a RRIF?
A Registered Retirement Income Fund (RRIF) provides an income at retirement. Although you may set up a RRIF at any age, it is mandatory for RRSPs to be converted to a RRIF at age 71. The RRIF then provides you with a regular stream of income from the funds you have accumulated in your RRSP. As you withdraw funds from the RRIF, you will pay income tax on the amount withdrawn, helping to reduce the total amount of taxes paid.