What is rrif?
Also known as: Registered Retirement Income Fund
Definition
Educational information only. Last reviewed August 25, 2026.
How it works in Canada
An RRSP must be converted by the end of the year the holder turns 71. Investments continue to grow tax-deferred inside the RRIF, but a prescribed minimum must be withdrawn annually starting the year after conversion, and all withdrawals are taxable income.
Example
A 72-year-old with a $500,000 RRIF must withdraw a prescribed percentage of the January 1 balance that year, regardless of whether the cash is needed.
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Written and reviewed by CanadaGFI.ca Editorial Team
Licensed insurance and financial professionals contributing to CanadaGFI.ca
Published and last reviewed August 25, 2026. Read our editorial policy and disclosures.
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