A RRIF allows an investor to convert his or her retirement savings into retirement income.

Any time before the end of the year you turn 71.  RRSP’s must be converted to RRIF’s.

There is a minimum annual withdrawal required each year based on the value of the RRIF and the plan holder’s age (or spouse’s age) at the beginning of the year the withdrawal takes place.

The payments made to you from your RRIF are taxable, but the investment in a RRIF continues to grow tax-deferred until they are withdrawn.