Transferring your RRSP to a RRIF helps you to continue to grow your nest egg and defer your tax burden, while also offering you the flexibility and security you need to enjoy your retirement. There is no minimum required age for the purchase of a RRIF, except with most locked-in RRSPs (LRSP) and Locked-In Retirement Accounts (LIRA) (funds transferred from a former pension plan). However, you must transfer any RRSP, LRSP & LIRA amounts to a retirement income option before the end of the year in which you turn 71.
You have a choice between variable rate and fixed term accounts, and you can continue to defer tax while you access your retirement savings. Payments for both account types are made to you based on a minimum payment formula set by the government.