What is a Registered Retirement Income Fund (RRIF)?
A RRIF is the account type to which all RRSPs must eventually be converted to, so that you can set up a steady stream of income during your retirement. Your RRSPs must be converted to a RRIF no later than the end of the year you turn 71, at which time minimum payments must be made. You can elect to convert to a RRIF earlier than age 71 to meet your retirement needs.