Which of the following statements regarding Registered Retirement Income Funds$($RRIF$\text{'}$s$)$ is NOT$$ correct?

Question $41$ options:

A RRIF can be established by an individual of any$$ age, but must be terminated in the year the individual turns $95.$

Legislation provides a calculation for the minimum withdrawal that must be made from a RRIF each year.

A RIFF is very similar to an$$ RRSP$,$ with the exception that deductible contributions cannot be made to a RRIF.

Tax$-$free transfers from other types of retirement savings$$ arrangements, such as RPPs or$$ RRSPs$,$ can be made to a RRIF.