RRIF (Registered Retirement Income Fund)

A RRIF holds the same investments your RRSP did (stocks, ETFs, mutual funds, GICs), but instead of contributing, you must withdraw a minimum amount each year based on a CRA-set schedule. At age 72 the minimum is roughly 5.4% and it rises each year (about 6.8% at 80, 11.9% at 90). You can withdraw more than the minimum at any time. RRIF withdrawals are fully taxable as ordinary income and qualify for the pension income tax credit and pension splitting starting at age 65. You can also keep using a RRIF after 71 to draw down a spouse’s spousal RRSP.