In Canada, by the end of the year, when you turn 71, you must convert your RRSP into a RRIF or another retirement income option. You must begin making annual withdrawals starting the year after opening your RRIF. The government sets a minimum withdrawal amount each year based on your age and the value of the RRIF. Withdrawals are taxable, and the investments within the RRIF can vary, including stocks, bonds, and mutual funds.