An RRIF is a retirement plan or fund where you can roll over or convert your RRSP to an RRIF. The purpose is to provide retirees with a consistent income. The Canadian-based plan is only registered by the government of Canada, while not being the carrier. The fund acts like an annunity contract acts in the sense of paying out an ongoing income to the beneficiary. Holders of an RRIF are still allowed to allocate their assets in the manner they choose.
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