A Registered Retirement Income Fund (RRIF) is a tax-deferred investment plan and one of several options available to holders of registered funds at retirement. A RRIF can be created tax-free with the proceeds of a Registered Retirement Savings Plan (RRSP) or another RRIF. Like an RRSP, a RRIF can be opened at any age. Unlike an RRSP, no new contributions can ever be made, and a minimum amount must be withdrawn and taxed as income every year.

Quick facts: 

• The minimum amount to be withdrawn is determined by a formula that takes the age of planholder or the planholder�s spouse into consideration; withdrawals can extend over the lifetime of the planholder or the spouse
• If your spouse is younger than you, you have the option of withdrawing less per year and, therefore, paying less tax

Talk to your Dundee Advisor about how to customize a RRIF to tax-efficiently meet your retirement income and estate planning needs.