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Registered Retirement Income Fund - RRIF


Definition: In Canada a registered retirement income fund or RRIF is established by a financial institution to provide retirement income to an individual. A RRIF is set up by directly transferring money from registered retirement savings plans (RRSPs) or registered pension plans (RPPs). Each year the RRIF holder must withdraw a set portion of the money in the fund and pay tax on it.

A RRIF can be set up at any time, but must be before the end of the year you turn 71.

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