Registered Retirement Income Fund (RRIF)
You must decide what to do with the money saved in your RRSP by the end of the year in which you turn 71. One of the best ways to avoid incurring a large tax bill when you cash out your RRSP is to convert it into an RRIF. With an RRIF, you continue to manage your investments like an RRSP and your investments grow tax free until they’re withdrawn. The only difference is you’re required to make a minimum annual withdrawal. We’ll help you chose the best Compass Portfolio for your RRIF plan.