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Video 4: Which account do I open?Learn how a RRIF keeps your retirement savings growing even after you retire, when you should open your RRIF, and how much you'll need to take out each year. If there is no surviving spouse, the value of the RRIF is taxed on your final tax return, leaving an after-tax value to pass along to your beneficiaries. For more information, please ask your BMO financial professional for a copy of our publication, Collecting the CPP. RRIF: Background and current rules. A.