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WHAT IS A RRIF I The Basics

What is a RRIF and what happens to your RRSP when you turn 71? RRIF Basics 2019 This video talks about the basics of RRIFs. RRIF stands for Registered Retirement Income Fund. A RRIF account is what your RRSP is converted into when you turn 71. That's because, the year you turn 71 you must convert your RRSP to a RRIF account. Unlike RRSPs, you cannot make a deposit into a RRIF account. Every year, you must withdraw the minimum payment from your RRIF account, even if you don't need the money. Those minimum payments are set by CRA. This video will address common questions such as: when should I convert my RRSP to a RRIF? What is a RRIF and how does it work? How much do you have to take out of a RRIF? and What is the difference between an RRSP and a RRIF? Topics covered in this video: 1. What is an RRIF ? 2. RRSP vs RRIF 3. What happens to your RRSP when you turn 71? 4. How do RRIF accounts work? 5. What are the minimum payment for a RRIF? 6. How are minimum payments for RRIFs calculated? 7. Useful tips for RRIFs - RRIF Basics #rrif #rrifbasics #rrifwithdrawals Helpful Links: What is a RRIF according to CRA https://www.canada.ca/en/revenue-agen... Setting up a RRIF https://www.canada.ca/en/revenue-agen... Minimum payments from a RRIF https://www.canada.ca/en/revenue-agen... What happens to your RRSP when you turn 71? https://www.canada.ca/en/revenue-agen... // LINKS Weekly blog, resources & tools: https://theindependentdollar.com Follow The Independent Dollar on Twitter:   / indepdollar   // MAIL The Independent Dollar P.O. Box 85011 1250 Stittsville Main Street Stittsville, ON K2S 1X6 ***** IS THERE A TOPIC YOU WOULD LIKE TO LEARN ABOUT OR HAVE QUESTIONS ABOUT A FINANCIAL SITUATION? ***** If there is a scenario or example you would like to see, comment to let me know, send me an email or msg on twitter.

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