1 / You must convert your RRSP to an RRIF, an annuity, or withdraw all the funds as a lump sum by the end of the year in which you turn 71.

2 / Once converted to an RRIF, a minimum amount must be withdrawn each year according to a set formula. The withdrawals are taxed as income.

3 / Spouses can split RRIF income provided both are at least 65 years of age.

4 / Like RRSPs, RRIFs can hold a variety of investment products.

5 / Investment products held within the RRIF continue to grow tax-sheltered until withdrawn.