RIFF
When you convert your RRSP to start drawing retirement income a RIFF is one of the options you have to choose from. It will provide you with a regular income which is subject to a minimum annual withdrawal amount.
When you transfer money to your RRIF it continues to grow tax-sheltered until it is withdrawn as income.
RRIFs are the most flexible of the retirement income options. You maintain complete control over your savings.
RRSP funds can be used to purchase a RRIF at any time, just remember that you must transfer all of your RRSP savings into a retirement income option by December 31 of the year in which you turn 69.