A RRIF is an investment plan, established in accordance with Government of Canada requirements, into which you can transfer registered funds (usually your RRSP) without tax liability to establish a source of retirement income.

Some RRIFs are similar to continuing an RRSP beyond age 71, with the exception that you must take some taxable income from the RRIF. You can choose any payment level, as long as the total each year is at least equal to the minimum annual amount. There is no maximum payment level.

With many RRIFs you can vary your annual payments above the minimum amount to meet your needs. Obviously the higher the payments, the sooner your funds will be depleted. RRIFs can continue for the lifetime of the holder.