A RRIF can be described as a continuation of your RRSP.  It provides the same tax sheltering of growth but with one key difference.  Instead of making tax deductible contributions, you have to take out a minimum taxable amount each year, based on your age.  An RRSP has to be converted to a RRIF no later than December 31 of the year you turn age 69.  No minimum withdrawal is required for the first year of RRIF.  The first withdrawal is required by December 31 of the second year.