RRIFs

Ready to Retire

You’re ready to retire and you’ve been diligent in your financial planning with the purchase of RRSPs. So now what happens when you want to live off your RRSP?

Product Overview

A Registered Retirement Income Fund (RRIF) is a retirement fund registered with the Government of Canada that provides income during your retirement. You transfer funds into a RRIF from a Registered Retirement Savings Plan (RRSP), Registered Pension Plan (RPP) or from another RRIF. There is no minimum age to convert an RRSP into a RRIF. The conversion must be completed before December 31st of the year you turn 71.

A RRIF is a flexible retirement income investment plan for tax deferral that works much like an RRSP except now, instead of making annual contributions, you receive income payments each year. You control both the amount and frequency of the payments, subject to an annual minimum amount1.

  1. The annual minimum payment amount is calculated as a percentage of the plan’s overall value on January 1 each year, based on your age. The formula is set by Canada Revenue Agency.