Registered Retirement Income Fund (RRIF)

There is life after age 71—and for a lot of people it comes in the form of a Registered Retirement Income Fund (RRIF).

A RRIF works like a Registered Retirement Savings Plan (RRSP) in reverse. Before, you were putting money into your RRSP as savings. Now, you withdraw money from your RRIF for income after you retire.  Like an RRSP, you choose the types of investments to hold in your RRIF.

Benefits of an RRIF

  • Interest earned continues to compound
  • Can be purchased at any time
  • You can convert your existing RRSP to a RRIF
  • RRIF can be transferred, tax-free to your spouse at your death
  • RRIF funds may be moved back into an RRSP (some conditions apply)
  • RRIF funds may be eligible for the pension income tax credit

What you Should Know

A RRIF uses your RRSP savings to provide you with a regular retirement income over your lifetime or until your RRSP savings are paid out. It also allows your RRSP savings to retain their tax-deferred status until the funds are withdrawn, while allowing you to control the pace of the withdrawals.

  • If you choose a RRIF, your investments held in a RRSP must be rolled over into a RRIF no later than the end of the year in which you turn 71 years of age

  • You can set up the income to meet your needs by choosing the number, frequency and amount of the payments from your RRIF
  • There is a minimum that must be taken out annually based on a formula from CRA requirements
  • Both the principal and interest earned are tax sheltered. Only when the money is withdrawn as income does it become taxable
  • Set up your RRIF to meet not only your income objectives but your investment objectives as well

Learn More

Contact Us or visit an Interior Savings branch for more information.

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