RPPs must satisfy certain conditions and be registered for the purposes of the federal Income Tax Act . Contributions to RPPs are tax deductible, the investment income in them is tax-deferred and payments from them are taxable. For more information, visit the Canada Customs and Revenue Agency Registered Retirement Savings Plans Web page. RRIFs are funds for individuals, established at financial institutions and registered under the Income Tax Act, that provide income in retirement. RRIFs are established by directly transferring monies from registered retirement savings plans or from lump-sum payments from registered pension plans .
Amounts withdrawn from RRIFs are taxable.
A minimum amount must be withdrawn from a RRIF each year, beginning in the year after the RRIF is established. For more information, visit the Canada Customs and Revenue Agency Registered Retirement Savings Plans Web page. RRSPs are savings plans for individuals, including the self-employed, that have been registered for the purposes of the federal Income Tax Act . RRSP contribution limits are based on earned income . RRSPs provide retirement income at retirement based on accumulated contributions and return on investment in the plan.