A Registered Retirement Income Fund (RRIF) is an account you convert your RRSP into to provide retirement income. Your investments keep growing tax‑deferred, but you must withdraw a government‑mandated minimum each year, which is added to your taxable income.

You can open a RRIF at any age, but you must convert your RRSP to a RRIF by December 31 of the year you turn 71. For official details, visit the CRA’s RRIF page.

The minimum annual withdrawal equals the market value of your RRIF on January 1 multiplied by a prescribed factor.

For ages under 71: Factor = 1 / (90 − your age).
For ages 71 and older: The factor comes from a table set by the CRA’s minimum amount factors and increases each year (e.g., 5.28% at 71, up to 20% at 95+).

Yes. If your spouse or common‑law partner is younger, you can elect to use their age at the beginning of the year to determine the minimum payment. This often results in a lower required withdrawal, allowing more of your funds to stay invested tax‑deferred. See CRA Guide RC4178 for details.

If you convert your RRSP to a RRIF in the year you turn 71, you can delay your first withdrawal until the following year. However, you must take at least the minimum amount by December 31 of each subsequent year. Withdrawals are fully taxable as income.

If you withdraw less than the required minimum, you will be subject to a penalty tax of 10% on the shortfall (the difference between the required amount and what you actually took). You can request a waiver of the penalty from the CRA if you can show reasonable error.

No, you can withdraw more than the minimum at any time. There is no upper limit, but remember that all RRIF withdrawals are taxable income, so large withdrawals could push you into a higher tax bracket.