RRSP's / RIF's
What is a RRSP / RIF?
> A RRSP is a Registered Retirement Savings Plan and a RIF is a Registered Income Fund
> Contributions to a RRSP reduce your taxable income
> You must convert RRSP's to RIF's by December 31 the year you turn 71
> RIF's require you to take out funds either monthly or yearly. There is a maximum / minimum
> Withdrawals from RRSP's and RIF's will have income tax paid at time of withdrawal