Is there any advantage to opening and starting a registered retirement income fund ( RRIF ) account before I reach the age of ...

A RRIF is a tax-deferred account. A TFSA is a tax-free account. So, you cannot do a direct transfer between the two without the RRIF withdrawal being taxable. You can take a RRIF withdrawal and ...

Registered accounts are very good at sheltering funds from taxation while they grow over time; however, you must make sure you do indeed withdraw all your money before you pass away. You don't want a ...

At age 72, the first year that a withdrawal from an RRIF is mandatory, you must withdraw 5.40 per cent of your assets. The minimum rate rises each year after that until it hits 20 per cent at age 95.

In the case of Mary, a retiree with $700,000 in her RRSP at age 64, her remaining RRIF assets were falling to a dangerously low level by age 94, at least in the case of low investment returns.