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Registered Retirement Income Fund (RRIF)

Like every other investor in Canada, you need to turn your registered accounts (RRSP, LIRA and locked-in retirement RRSP) at the latest the year you turn 71.

The account remains an investment account and you still need to carefully manage your investment portfolio, taking into consideration your shorter investment horizon.

But, the main difference between an RRIF and other investment accounts is that you are required to withdraw a minimum amount each year (except for the first year where no minimum is calculated). This minimum is determined by your financial institution depending on the market value of your account at the market closing on December 31.

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