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Your daily horoscope: January 15, 2026

  IF TODAY IS YOUR BIRTHDAY As Venus moves into the money area of your chart on your birthday you won’t lack for opportunities to make a dollar or two. It’s not wrong to be rich, so don’t let your Capricorn sense of fairness hold you back. Money is just a means to an end. ARIES (March 21 - April 20): Make the most of the sun’s final hurrah in the area of your chart that governs your professional reputation to give your career goals a push. If you can impress employers and important people now they will help you massively later on. TAURUS (April 21 - May 21): Put yourself about a bit this weekend and don’t be afraid to set yourself targets that are way beyond anything you have attempted before. Your creative potential is unlimited but to make the most of it your ambition must be unlimited as well. GEMINI (May 22 - June 21): There are some very big changes on the cosmic horizon, the sort of changes you will enjoy to the max. Before then, however, you need to deal with a long-running ...
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Demystifying Registered Retirement Income Funds (RRIFs): Separating Facts from Fiction

 

A Registered Retirement Income Fund (RRIF) is a popular choice among Canadian retirees for managing their retirement savings. However, there are several misconceptions about RRIFs that can lead to confusion. Let’s explore some key facts and debunk common myths.

Fact: RRIFs Provide a Steady Income Stream

RRIFs are designed to convert your Registered Retirement Savings Plan (RRSP) into a steady income stream during retirement. By the end of the year you turn 71, you must convert your RRSP into an RRIF or another retirement income option.

Fiction: You Can Continue Contributing to an RRIF

Once you convert your RRSP to an RRIF, you cannot make additional contributions. However, your investments within the RRIF can continue to grow tax-deferred until they are withdrawn.

Fact: Minimum Withdrawals Are Mandatory

The Canadian government requires you to withdraw a minimum amount from your RRIF each year, starting the year after you establish the RRIF. The minimum withdrawal amount increases with age.

Fiction: RRIF Withdrawals Are Tax-Free

While the investments within an RRIF grow tax-deferred, the withdrawals are considered taxable income. This means you will pay taxes on the amounts you withdraw, similar to how you would with an RRSP.

Fact: Flexibility in Withdrawals

RRIFs offer flexibility in how you withdraw your funds. You can choose to receive payments monthly, quarterly, or annually, and you can adjust the amount you withdraw, provided it meets the minimum requirement.

Fiction: You Can Only Have One RRIF

You can have multiple RRIFs if you choose. This can provide additional flexibility in managing your retirement income and investment strategies.

Understanding the facts about RRIFs can help you make informed decisions about your retirement planning. By separating fact from fiction, you can better navigate your financial future and ensure a steady income stream during your retirement years.


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