Registered retirement income fund (RRIF)

Retirement income and tax-deferred investment growth 

Help make the most of your savings by converting your registered retirement savings plan (RRSP) to a registered retirement income fund (RRIF) when you’re ready to start receiving income in retirement. This way, you can keep your savings tax-sheltered and generate a stream of income for your retirement years.

Converting your RRSP to a RRIF turns your savings plan into a retirement income plan, and continues to provide opportunities for tax-sheltered investment growth. With a RRIF, you can work with your advisor to manage your investments the way you want during your retirement:

Shelter your investment growth from taxes

Keep your RRSP money in your RRIF tax-exempt until withdrawn

Withdraw extra cash as you need it, with no maximum withdrawal limit per year

Choose how much and often you would like to receive income payouts from your RRIF to meet your individual needs, provided you withdraw the minimum amount each year, starting the year after you acquire your RRIF

Gain access to proven investment management teams, generally unavailable to individual investors

Choose from a diversified fund line-up—manage your investment mix according to your personal preferences

Take advantage of pension income-splitting with your spouse if you are 65 or older


* By December 31 of the year you turn 71, your RRSP must be converted to a RRIF, be used to purchase an annuity or withdrawn in cash.

Note: The features above are subject to terms and conditions

Ready to invest?

Speak to your advisor to discuss investment options to help meet your needs. If you don’t have an advisor, we can help you find one.


Frequently asked questions

A Registered Retirement Income Fund (RRIF) is similar to an RRSP, but the focus shifts from saving for retirement to providing you with an income throughout your retirement. The full amount taken out of your RRIF is taxable income.  For individuals 65 or older, the RRIF income qualifies for pension income splitting and the pension income tax credit.

The two main differences between an RRSP and a RRIF are:

  1. You can’t make contributions after you convert your RRSP to a RRIF.
  2. You must adhere to the RRIF minimum withdrawal schedule. A minimum RRIF withdrawal is an annual obligatory amount that is cashed out of a RRIF and sent to the account-holder (you). The withdrawal is taxable Canadian income.

By law, you must convert your RRSP accounts into one of the retirement income options available by the end of the year in which you turn 71. A RRIF is one of the options you may choose. Minimum withdrawals must be made from your RRIF the year after you open it. Investments held inside a RRIF grow tax-deferred similar to an RRSP.

The minimum RRIF withdrawal each year is determined by a percentage, depending on your age, of the total value of the plan on January 1 each year.

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