Your RRSPs must be transferred into an RRIF by the end of your 71st calendar year, and annual minimum payments will be calculated based on your and your spouse’s ages. Like an RRSP, your money can continue to grow while being sheltered from taxes.
Pay Less Tax
While your withdrawals are taxed as income, it’s at a time when your marginal tax rate is low, allowing you to pay less in tax than you might at earlier periods of your life.
Zero Withdrawal Fees
Unlike an RRSP, there are no withdrawal fees for RRIFs and as long as you withdraw the minimum amount, you can take more or less, depending on your needs.
Easily Transfer Your Assets
Should you pass away before your spouse, your RRIF can be transferred to your spouse without incurring any taxes.
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