Pay yourself in retirement in a tax-advantaged way with a Registered Income Fund.
A self-directed RIF allows you to hold many different types of investments in one account. Receive RIF payments monthly, quarterly, semi-annually or annually by Electronic Funds Transfer to your chequing account. Convert a spousal RSP to a spousal RIF.
Converting your RSP to a RIF
In the first calendar year of a RIF, there is no minimum payment. After the first year, a minimum amount must be withdrawn from the plan each year. If withdrawal occurs during the first year, withholding tax applies.
An RSP must be converted to a RIF in the year you turn 71.
Option trading feature, Put options and Call Options, can be added to a registered account when applying for the account.