A Registered Retirement Income Fund (RRIF) is an account registered with the federal government that gives you a steady income in retirement. Before, you were putting money into your RRSP to accumulate savings for retirement. Now, you withdraw that money from your RRIF as retirement income.
You can open a RRIF anytime, but no later than the end of the year you turn 71.
Once the RRIF is set up, you can’t make any more contributions to the plan. However, you can have more than one RRIF.
• Banks and trust companies
• Credit unions and caisses populaires
• Insurance companies
• Mutual fund companies
• Investment firms
Learn more about RRIFs on GetSmarterAboutMoney.ca