A Registered Retirement Income Fund (RRIF) is the Canadian account people use to take money out of their retirement savings. After years of contributing to an RRSP, the plan is usually converted to a RRIF so regular withdrawals can start. You must take at least a minimum amount each year, and those withdrawals are generally taxed as income.

The United States does not use a RRIF. A Traditional IRA or 401(k) does the same job later in life through required minimum distributions: the tax break was for saving, so you eventually have to start drawing the money.

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