Can you transfer a RRIF to a TFSA--and what are the tax implications?

This article from MoneySense discusses the tax implications of transferring money from a Registered Retirement Income Fund (RRIF) to a Tax-Free Savings Account (TFSA) in Canada. The article explains that direct transfers between these two accounts are not possible because a RRIF is a tax-deferred account while a TFSA is a tax-free account. However, individuals can withdraw funds from their RRIF and deposit the after-tax proceeds into their TFSA. The article also mentions that the withholding tax on RRIF withdrawals is not the final tax obligation, as the withdrawal will be reported on the individual's tax return and the tax will be calculated accordingly. The article provides additional information on the advantages of taking more than the minimum RRIF withdrawals and the potential benefits for married or common-law couples and individuals with health concerns. [Extracted from the article]