A Registered Retirement Income Fund (RRIF) is an account registered with the federal government, designed to provide you with a steady income stream from your RRSP throughout retirement. You put money into your RRSP to accumulate savings for retirement which are then withdrawn from your RRIF as retirement income. You open a RRIF by transferring money from your RRSP which must be converted into a RRIF by the end of the calendar year you turn age 71. You may do so by contacting the bank or financial institution where you hold your RRSP.
Visit GetSmarterAboutMoney.ca to learn about how RRIFs and RRSPs work including, making RRSP withdrawals after you retire. Speak a registered financial representative for investment advice tailored to your personal financial needs and financial situation.