RRIF

A Registered Retirement Income Fund lets your transfer your RRSP assets into it without tax liability to give you a steady stream of income after you retire.

Once you transfer RRSP funds to a RRIF, you must withdraw a minimum amount each year, specified by a formula based on your age. There is no maximum withdrawal limit. Income tax does apply to RRIF payments, although tax rates will be lower depending on the withdrawal amounts. Typically you only pay the highest tax rate on withdrawal amounts above $15,000.

You can start a RRIF any time until you turn 69. In the initial year of a RRIF, you aren't required to withdraw a payment until the following year.

Many RRIFs let you vary annual payments to meet your needs.