Registered Retirement Income Fund (RRIF)

Canadian Programs

An account you must convert your RRSP into by the end of the year you turn 71. A RRIF requires you to withdraw a minimum amount each year, which is taxable income. It is the spending-down phase of your retirement savings.

Related terms

Registered Retirement Savings Plan (RRSP)

A tax-deferred savings account for retirement. Contributions reduce your taxable income now, and the investments grow tax-free inside the plan. You pay tax when you withdraw, ideally in retirement when your income and tax rate are lower.
Old Age Security (OAS)

A monthly pension paid to most Canadians aged 65 and older who have lived in Canada for at least 10 years after turning 18. Unlike CPP, you do not need to have worked to receive OAS. Higher-income seniors may have to repay some or all of it (the OAS clawback).