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Registered Retirement Income Fund
A Registered Retirement Income Fund (RRIF) is an example of a post-retirement plan. The Custom RRIF can be set up with the proceeds from an RRSP or another RRIF. The planholder is required by CRA to withdraw a minimum amount from the RRIF each year (with the exception of the first year when there is no minimum). Growth within an RRIF is tax-deferred. Tax is only paid on the amount of money that is withdrawn each year.
The Declaration of Trust, providing all the terms and conditions of the plans, has recently been updated.