Registered Retirement Income Fund (RRIF)

What is an RRIF?

Convert your savings into flexible retirement income

You worked hard to build your Registered Retirement Savings Plan (RRSP) throughout your career. So, once you punch the clock for the last time, make sure you can turn your retirement savings into a retirement income that meets your needs. One of the most popular ways is to convert them into a Registered Retirement Income Fund (RRIF).

How a RRIF Works?

  • Convert your RRSP to a RRIF at any time, before Dec. 31 of the year you turn 71.
  • Choose how you’ll invest your money.
  • The government determines the minimum amount you must take out each year.
  • However, you have flexibility on how much you withdraw over the minimum amount and when you’ll receive it.
  • All your RRIF withdrawals are taxable as employment income.

Where to open a RRIF account?

Most financial institutions can open a RRIF account. For example: banks, credit unions, trust and loan companies, insurance companies.

Who Qualifies

If you own an RRSP, you can convert it to a RRIF to start drawing an income for retirement. You have until December 31 of the year you turn 71 to convert to a RRIF. If you need the income before age 71, you can convert sooner.

  • You can open multiple RRIFs or convert all of your RRSPs into one RRIF.
  • A RRIF cannot be held jointly—government rules permit only individual accounts.
  • A RRIF cannot be opened under a business or trust name.

RRIF Withdrawals

  • You must start taking withdrawals the year following the year you opened your RRIF.
  • You can choose your withdrawal amounts as long as you make the minimum annual withdrawal, which is a set percentage determined by the government. As you get older, this percentage increases. You can check the withdrawal rate here.
  • You can set up your RBC RRIF with monthly, quarterly, semi-annually or annual withdrawals.
  • RRIF funds count as taxable income in the year you withdraw them

Contributions are not allowed in RRIFs.

Only funds from an RRSP, another RRIF or certain types of pension plans, such as a registered pension plan (RPP), specified pension plan (SPP) or deferred profit sharing plan (DPSP), can be transferred into a RRIF.

What types of products can be held in a RRIF?

A RRIF account can hold various income-generating investment products, depending on investment objectives and risk preferences.

For example: cash, Guaranteed Investment Certificates (GICs), bonds, mutual funds, Segregated Funds, exchange-traded funds (ETFs), and stocks.

Ai Financial services on RRIF

Your One-Stop Shop for Segregated Funds

We open accounts for clients in financial institutions such as iA and Manulife and invest in segregated funds; we can also help clients transfer the funds required for RRIF from other institutions (according to different needs).


In the year you turn 71, you must convert your RRSP to an income option such as a RRIF or an annuity. You can also cash out your RRSP; however, this is not typically recommended as the entire amount will be considered taxable income in the year you withdraw it and these funds will no longer benefit from tax-sheltered investment growth.

Converting all your RRSPs into one RRIF will make it easier to manage and keep track of your minimum annual withdrawals; however, you can choose to hold separate RRIFs.

You can select to receive your RRIF payments on a schedule that works for you. Choose from monthly, quarterly, semi-annual or annual RRIF withdrawals.

You can transfer RRIFs between financial institutions at any time without being taxed (other than taxes owed on withdrawals); however, there may be a transfer out or other fees. You can also move some or all of your money between eligible investments within your RRIF.


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