Registered Retirement Income Fund

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Registered Retirement Income Fund

A Registered Retirement Income Fund (RRIF) is a great option to turn your retirement savings into income once you reach the age of 71. You can transfer your RRSP funds to your RRIF tax-free and create a customized portfolio of investments that will generate income for your retirement years.

What is a RRIF?

During your working years, you may make tax-deductible contributions to an RRSP to save for retirement. However, you can no longer contribute to your RRSP after you stop working and earning income. Additionally, you are required to close your RRSP by the end of the year you turn 71, and withdrawing all the funds at once can result in a significant tax bill.


To address this, a Registered Retirement Income Fund (RRIF) can be established. This tax-sheltered account provides a regular income stream during retirement. Instead of making contributions to the account, you withdraw money from it. You have the option to convert your RRSP savings into a RRIF at any time, but it must be done before the end of the year in which you turn 71.

Benefits of a RRIF

Tax Sheltered Savings

Transferring your RRSP funds to a RRIF enables your savings to continue growing tax-free, with taxes only being applicable to the amounts received as income each year.


Similar to an RRSP, a RRIF provides investment flexibility and allows you to hold various investment types, such as GICs, mutual funds, stocks, and bonds, all under one account.


With a RRIF, you can enjoy a reliable income stream throughout your retirement, with the freedom to withdraw any amount above the minimum annual requirement.

RRIF Withdrawals

Withdrawals from a RRIF are mandatory and must meet a minimum dollar amount each year. The amount depends on your age and the value of your plan at the beginning of the year. The percentage of minimum withdrawal increases as you age.


For instance, when you turn 69, you must withdraw at least 4.76% from your RRIF every year. The minimum increases to 5.4% by age 72, and to 6.82% by age 80.

Investing options for your RRIF

Savings Accounts
A savings account gives you access to guaranteed funds whenever you need them.


GICs provide a variety of low-risk, guaranteed investments that complement a balanced portfolio.


Mutual Funds
Mutual funds offer a professionally managed investment option that allows you to diversify your portfolio and potentially increase returns.

Let’s work together to get your finances back on track.

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