WHAT IS A RRIF I The Basics

What is a RRIF and what happens to your RRSP when you turn 71?

RRIF Basics 2019

This video talks about the basics of RRIFs. RRIF stands for Registered Retirement Income Fund. A RRIF account is what your RRSP is converted into when you turn 71. That's because, the year you turn 71 you must convert your RRSP to a RRIF account.

Unlike RRSPs, you cannot make a deposit into a RRIF account. Every year, you must withdraw the minimum payment from your RRIF account, even if you don't need the money. Those minimum payments are set by CRA.

This video will address common questions such as: when should I convert my RRSP to a RRIF? What is a RRIF and how does it work? How much do you have to take out of a RRIF? and What is the difference between an RRSP and a RRIF?

Topics covered in this video:

1. What is an RRIF ?
2. RRSP vs RRIF
3. What happens to your RRSP when you turn 71?
4. How do RRIF accounts work?
5. What are the minimum payment for a RRIF?
6. How are minimum payments for RRIFs calculated?
7. Useful tips for RRIFs - RRIF Basics

#rrif #rrifbasics #rrifwithdrawals


Helpful Links:

What is a RRIF according to CRA
https://www.canada.ca/en/revenue-agen...

Setting up a RRIF
https://www.canada.ca/en/revenue-agen...

Minimum payments from a RRIF
https://www.canada.ca/en/revenue-agen...

What happens to your RRSP when you turn 71?
https://www.canada.ca/en/revenue-agen...




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