Enjoy the benefits of a RRIF
- Defer Tax on Investment Income - Similar to an RRSP, your money continues to grow tax-sheltered in a RRIF.
- Control Your Income - Decide when and how much to withdraw as long as you take the required minimum amount.
- Transfer Assets Tax-Free - When you pass away, your RRIF assets can transfer to your spouse on a tax-free basis.
- Convert your RRSP to a RRIF by the end of the year you turn 71 - or sooner if you need the income. Your investments transfer directly and do not have to mature or be liquidated.
- Start taking withdrawls the year after you open your RRIF - This can be any amount, as long as you meet the minimum annual withdrawal as set out by federal regulations.
- Report withdrawals as income on your tax returns - RRIF funds are taxable in the year you withdraw them.