RRIF Meaning and
Definition
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A Registered Retirement Income Fund (RRIF) is a Canadian financial product designed to provide a stream of income to individuals during their retirement years. It is a type of retirement account that is created by converting a Registered Retirement Savings Plan (RRSP) after the age of 71 or by transferring funds from other registered savings plans.
The RRIF is a tax-deferred investment vehicle that allows individuals to continue investing their retirement savings while receiving regular income payments. It provides a flexible option for managing retirement funds and allows individuals to maintain control over their investments.
With an RRIF, individuals are required to withdraw a minimum amount annually, calculated based on their age and the value of the fund. These withdrawals are subject to income tax and help to ensure that individuals use their retirement savings for their income needs rather than accumulating them indefinitely.
The funds within an RRIF can be invested in a wide range of financial products such as stocks, bonds, mutual funds, and Guaranteed Investment Certificates (GICs). The investment mix can be adjusted to accommodate an individual's risk tolerance and financial goals.
RRIFs offer tax advantages in that the income is taxed as it is withdrawn, potentially at a lower tax rate if the retiree's income is lower during retirement. The funds within an RRIF are also exempt from probate fees upon the death of the account holder if a named beneficiary is designated.
Common Misspellings for RRIF
- rr9f
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- frrif
- 5rrif
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- rrtif
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- rr9if
- rri9f
- rr8if
- rri8f
- rricf
- rrifc
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- rrifv
- rrigf
- rrifg
- rrirf
- rrifr
- rrrif
- rriif
- RzIF
- r rif
- rr if
- rri f
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