A RRIF is created by the transformation of your RRSP to regular income. You can start a RRIF at any age but you must covert your RRSP to a RIF when you turn 71. The minimum amount you must receive is set by the Government of Canada, which increases each year, at age 71 you must withdraw 7.38% of the plan increasing to 20% by age 90.
To avoid the risk of out living your funds we highly recommend the new lifetime income guarantees offered by insurers.
For retirees 65 and older new income splitting rules allow the flexibility in determining which spouse declares this income.
