Registered Retirement Income Funds (RRIFs)
A registered retirement income fund (RRIF) is an arrangement between you and a carrier (e.g., an investment dealer, an insurance company, a mutual fund company or a bank) that is registered with the Canada Revenue Agency. You transfer property to the carrier from an RRSP, a PRPP, an RPP, an SPP, or from another RRIF, and the carrier makes payments to you.
Earnings in a RRIF are tax-free and amounts paid out of a RRIF are taxable on receipt. There is a minimum amount you must withdraw from a RRIF each year, and this amount generally depends on your age at the time.
For more information, please contact us.