According to the Canadian Investment Funds Course, a registered retirement income fund (RRIF) is a

type of registered plan that provides a stream of income in retirement. A RRIF can be opened at any

age, but it must be established by the end of the year the annuitant turns 71. A RRIF cannot accept

any contributions, but it can receive transfers from other registered plans, such as RRSPs, PRPPs,

RPPs, or other RRIFs. A RRIF has no maximum withdrawal limit, meaning that the annuitant can

withdraw any amount from the plan at any time. However, a RRIF has a minimum withdrawal

requirement, which is calculated based on the annuitant’s age or the age of their spouse or common-

law partner. The minimum withdrawal must be paid out in the year following the year the RRIF is

opened and every year thereafter. The minimum withdrawal is taxable as income in the year of

receipt.

Therefore, the correct answer is C. Gregory’s account will be subjected to no maximum withdrawal

limit but to an annual minimum withdrawal.

1: Canadian Investment Funds Course - IFSE Institute 2 (Unit 9: Retirement)