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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

   withdrawal amount

> Withdrawals from RRSP's and RIF's will have income tax paid at time of withdrawal