Most of us save money in our RRSPs all our lives without really understanding what a RRIF is and how it works until the time comes to make the conversion. I’ve found there are a lot of misconceptions from how they’re invested to how they do their payouts to “what really is the point of putting money in an RRSP if I’m going to pay tax on it eventually anyway?”
Registered Retirement Income Fund
RRIF rules explained: conversion deadlines, annual minimum payments, withholding tax, and why waiting until 71 can cost you. From an Edmonton CFP.
Muhs Wealth Partners
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