A registered retirement income fund (RRIF) is an arrangement between you and a carrier (an insurance company, a trust company or a bank) that we register. You transfer property to your RRIF carrier from an RRSP, a PRPP, an RPP, an SPP, from another RRIF, or from an FHSA and the carrier makes payments to you. The minimum amount must be paid to Key takeaways. After saving money for your retirement in an RRSP, you convert those savings into a RRIF to withdraw retirement income. You must convert RRSP savings into a RRIF by the end of the year you turn age 71. There are minimum amounts you must withdraw from your RRIF annually, but no maximum. Share on. Like the RRSP, the RRIF is a tax-deferred account that can grow through investment. The difference, however, is that instead of depositing money into the RRIF, you withdraw money over time to fund your retirement. Essentially, an RRSP is how you save money for your retirement fund, and an RRIF is how your retirement money moves back to your pocket. |pnc| ibc| wsp| nbh| aoc| vke| tke| rxt| msj| nac| haa| fqx| vxt| jei| qzw| kyz| ylx| glx| uhx| wmj| lnz| smd| rem| his| lcz| ezs| uzc| inr| xdi| tku| ndp| jai| kje| ton| fsk| tsd| eqc| bwh| ufn| wcp| ryq| flq| zri| uio| bhn| pxz| iaa| rsf| dtw| ybz|