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 ?

resident and has an RRSP and/or RRIF but has never included any income on a Form 1040 from it is deemed to have made the election.

The evolution of U.S. reporting requirements for Canadian retirement accounts

As well, if you don't take large payments at first, a RRIF may earn considerably more for you over the long run.

Keeping your money working even when you're retired - RRIFs

60,000 in cash withdrawal for policies registered under the Income Tax Act such as RRSPs, RRIFs, Life Income Funds and pension policies.

Do you understand your pension fund?

However, recipients of funds from other retirement saving vehicles, such as life-income funds, RRIFs and RRSPs, can use the credit or income splitting only at age 65.

Getting real: a shadow federal budget for 2017

Keep in mind that any amounts removed from a RRIF or RRSP will increase the individual's "net income", thereby causing a potentially significant tax bill and eroding benefits.

Tax issues for older adults

Taxpayers who report an RRSP or RRIF on Form 8891 are relieved from reporting the RRSP or RRIF on Form 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts.

Recent developments in estate planning

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).

Implementation of Ontario's harmonized sales tax

Currently, the Pension Income Tax Credit and pension income splitting are available to recipients of pension annuities before age 65, but only at age 65 to recipients of funds from other retirement saving vehicles, such as life income funds, RRIFs and RRSPs.

Where the bucks stop: a shadow federal budget for 2016: Canada's federal budget needs to temper extravagant expectations of federal spending, while boosting growth through targeted infrastructure investments and tax changes, and supporting Canadians seeking education, jobs and retirement security

If the election is made, the RRIF will be taxed in the United States in a manner similar to how it is taxed in Canada.

Canadians' immigration to the U.S.: taxes coming and going if not planned properly

BARRIERS TO ADDITIONAL DEBT: While additional debt is allowed by the indenture, the senior and subordinate noteholder is somewhat protected by an additional bonds test (ABT) and the veto rights of any of the four parties (Transportation Infrastructure and Finance Innovation Act [TIFIA], RRIF, City and County of Denver, and RTD).

Fitch Affirms Denver Union Station Project Authority, CO's Sr Notes at 'A'; Outlook Stable

A deceased person's RRSP or RRIF may be transferred into an RDSP for a financially dependent child or grandchild.

Tax assistance for persons with disabilities

The difference is that current-year earnings of an RRSP or RRIF need to be reported on Form 1040, unless an affirmative election is made to defer tax until funds are distributed.