What is a RRIF?
A RRIF provides regular income throughout your retirement.  A RRIF is established with funds from a RRSP.  You can transfer RRSP funds to a RRIF at any time, up to and including the end of the year in which you are 69 years of age.
A RRIF offers you maximum control over the investment of your funds.  Plus, you have the flexibility to adjust the amount and frequency of payments you receive to deal with inflation or unforeseen events that may occur in your life.  

How do taxes affect a RRIF?
Your funds continue to grow and are tax sheltered while they remain in the RRIF; however, Revenue Canada requires that you receive at least a minimum payment from your RRIF each year.

A RRIF allows protection for your estate as you control what will happen to unpaid amounts remaining at your death. If you wish, your RRIF can be transferred tax-free to your surviving spouse at your death or the remaining balance can be paid out as a lump sum to your estate or a beneficiary.

What are the income requirements?
You don't have to take any payment from a RRIF in the calendar year it is first funded. In subsequent years, there is a mandatory minimum payment; this changes annually based on your age (or your spouse's age) and the total value of the RRIF at the beginning of the year.