RRIF: Registered retirement income funds
RRIFs are created when the capital accrued in an RRSP is converted into retirement income.
Key features of an RRIF
An RRSP must be converted into an RRIF (or LIF) in the year that its owner turns 71, otherwise the RRSP will be wound up and be taxable at its full value in that year.
Factors governing the minimum withdrawal from a RRIF
|Age at the beginning of the year||Minimum factors|
|95 and more|
|95 and more||20.00%|
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