A registered retirement income fund (RRIF) is similar to a registered retirement savings plan (RRSP). The account contains your accumulated pension funds during your working life. The advantage with RRIF is you will periodically withdraw a portion of your savings to utilize and still continue receiving a reduced taxable income.
People to consider a RRIF;
- Any retiree who wish to receive a retirement income from their RRSP
- Any person who wish to retain a certain control over their investments
With a RRIF, you can withdraw a non-taxable minimum annual amount. Any higher amount you withdraw will be taxable.
|Table of RRIF Minimum Withdrawals|
|Age||Withdrawal (%)||Age||Withdrawal (%)|