Registered Retirement Income Funds (RRIFs) simply put [Video - 1:28] (2012)

This document is housed on the Sun Life Financial server, under Brighter Life.

Government of Canada regulations allow people to defer a portion of their income tax bill by contributing to a Registered Retirement Savings Plan (RRSP). The income earned in the RRSP is usually exempt from tax as long as the funds remain in the plan, and is taxed when it is withdrawn after the person retires, when income is usually lower.

But savings can’t stay in an RRSP forever and must be moved out of it by the end of the year the person turns 71. This short video explains that a Registered Retirement Income Fund (RRIF) is one of the ways a person can convert an RRSP into income to fund retirement.

If an RRSP is converted to a RRIF, savings can continue to grow tax free, although the person is required to withdraw a specified minimum each year, and that sum of money is taxable.

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Added: 
2013-08-12
APA citation
Sun Life Financial. Registered Retirement Income Funds (RRIFs) simply put [Video - 1:28] 2012. Web. 23 Oct. 2020 <http://brighterlife.ca/2012/02/28/registered-retirement-income-funds-rrifs-simply-put-video/>
Sun Life Financial (2012). Registered Retirement Income Funds (RRIFs) simply put [Video - 1:28]. Retrieved October 23, 2020, from http://brighterlife.ca/2012/02/28/registered-retirement-income-funds-rrifs-simply-put-video/
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