An RRIF, or Registered Retirement Income Fund, is a tax-deferred retirement account designed to provide a steady income stream during retirement. It is converted from an RRSP (Registered Retirement Savings Plan) when you retire. 

Income from an RRIF is taxable, like employment income. The amount you withdraw is added to your total income for the year and taxed at your marginal tax rate. 

The minimum withdrawal from an RRIF is calculated based on your age and the value of the RRIF at the beginning of the year. It starts at a percentage and increases as you get older.

Yes, you can withdraw more than the minimum required amount from your RRIF. The flexibility allows you to tailor your income to your financial needs. 

There are no penalties for withdrawing more than the minimum from an RRIF. However, it’s important to remember that the additional amount will be taxed, and excessive withdrawals can impact future income. 

Yes, RRIFs offer flexibility in investment choices. You can hold a diverse range of investments, including stocks, bonds, mutual funds, and other qualified instruments. 

In the event of your passing, your RRIF can be transferred to your spouse tax-deferred, allowing them to continue receiving income. Alternatively, it can be paid out to your beneficiaries, subject to taxation. 

No, you cannot contribute new funds to an RRIF after it has been opened. However, you can hold various investments within the existing RRIF. 

When you retire, you must convert your RRSP to an RRIF or purchase an annuity by the end of the year you turn seventy-one (71). This conversion is a mandatory step in the retirement planning process. 

There is no maximum age for holding an RRIF. As long as you are alive, you can maintain and continue to receive income from your RRIF.