By the end of the year you turn 71, all funds you’ve been contributing to your RSP must be converted into a RIF. These funds will be used as income in retirement. Unlike your RSP, you cannot contribute to a RIF. Instead, in the year after you turn 71, you start receiving annual RIF Payment Amounts, which the government will tax as income.

While CRA has an annual minimum amount, you can withdraw as much or as little as you want on top of that! This gives you the flexibility of accessing your funds when you may need a little more every now and then. Keep in mind, these amounts will be subject to withholding taxes.

More information about Retirement Income Funds is also available on the Canada Revenue Agency's RIF website.



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