Registered Retirement Income Fund

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Registered Retirement Income Fund

In Canada, a tax-deferred retirement plan that invests the funds the holder has placed in a Registered Retirement Savings Plan (RRSP) and pays the beneficiary out of the income from those investments. Generally speaking, one does not buy an RRIF directly, but rather rolls over funds from an RRSP, which one may do anytime by the age of 71. The advantage to an RRIF is that it allows one to invest tax-free until one actually receives the income from those investments.
References in periodicals archive ?
After the taxpayer emigrates, Canada will continue to tax the RRIF, however, the tax will be collected through nonresident withholding by the RRIF custodian at the time of distribution.
A deceased person's RRSP or RRIF may be transferrec into an RDSP for a financially dependent child or grandchild.
Upon your death, all remaining RRIF value becomes fully taxable unless rollover or other provisions are applicable.
RRSP plus RRIF -- $60,000 Class B: In this class are:
While RRIF holders can reinvest some of these obligatory withdrawals in TFSAs, not all will have the necessary TFSA contribution room, and the need to transfer funds creates unnecessary costs and risks.
Effective July 7, 2008, contributions in an RRSP and in an RRIF, as those plans are defined in Canada's Income Tax Act, are protected from the bankrupt's creditors.
Finally, trustee and custodial services should be added to the exceptions, including fees for RRSPs and RRIFs, as well as the new tax-free savings accounts (TFSAs).
citizens and resident aliens with RRSP and RRIF interests will have to attach to Form 1040.
Once they reach 71 years of age and are required to convert the RRSP into a RRIF they could easily have $1.
In order to develop a financing plan for the Gateway Project, the newly established Gateway Development Corporation ( Corporation ) shall identify and maximize federal grant opportunities in conjunction with USDOT, and will pursue a low interest loan from the Railroad Rehabilitation & Improvement Financing ( RRIF ), and Transportation Infrastructure Finance and Innovation Act ( TIFIA ) that will allow all Project partners to access capital as inexpensively as possible.
At age 94, RRIF holders must begin withdrawing 20 percent of their balances every year, while age 90 is a key age restricting guaranteed or fixed-term prescribed annuity contracts.
A surviving spouse or common-law partner, or a disabled child, can further defer taxation by transferring the funds to their RRSP or RRIF.