You cannot contribute directly to a Registered Retirement Income Fund. Funds can be transferred from an RRSP, another RRIF, a Registered Pension Plan, or a commuted RRSP annuity. In the calendar year that you turn 71 years of age, you MUST convert your RRSPs into RRIFs.

Some RRIFs are similar to continuing an RRSP, with the exception that you must take some taxable payments from the RRIF, with the exception of the calendar year it is first funded. You can choose any payment level, as long as the total each year is at least equal to the minimum mandatory amount. There is no maximum payment level. RRIFs can continue for the lifetime of the holder or their spouse.