What is a RIF and does ING DIRECT Funds Limited offer them?
A RIF is a Retirement Income Fund that is “registered” with the Canada Customs and Revenue Agency (CCRA). A RIF is usually started at age 71 (the age RSPs must be terminated) and allows for continued growth while providing an income stream. By December 31 in the year you turn 71, you must terminate your RSPs. You have different investment options, one of which is a RIF. A RIF provides a way to continue deferring tax until you withdraw the funds. There is a minimum withdrawal amount per year, and you can determine if you want to withdraw the minimum or an amount larger than the minimum.
