Thanks for your question Bonnie.
You open a Registered Retirement Income Fund (RRIF):
- By transferring money from your Registered Retirement Savings Plan (RRSP).
- Anytime, but no later than the end of the year you turn 71.
- At banks and trust companies, credit unions and caisses populaires, insurance companies, mutual fund companies and investment firms.
A registered financial advisor can help you with the steps involved in this process.