An option into which RRSP funds may be transferred once a person has reached the age of 69. (See Life Income Fund and Registered Retirement Savings Plan.)
A savings arrangement available from most major financial institutions that accumulates contributions and investment earnings on a tax sheltered basis.
Investors can choose this RRSP maturity option to ensure income for retirement. With a RRIF, investors receive income from the accumulated proceeds of an RRSP and are only taxed on RRIF income as opposed to the complete RRSP savings amount.