RRIF (Registered Retirement Income Fund)

The Registered Retirement Income Fund or RRIF is one of the options that can help ensure you have an income when you retire. A RRIF is one of the options available to you when you are required to start making gradual withdrawals from your RRSP or when you turn 71.

Why choose a RRIF?

• It's a plan that lets you transfer the funds you've accumulated in an RRSP tax-free in order to generate retirement income.
   
• Even though withdrawals are taxable, a RRIF can still help you save taxes, because tax is only payable on withdrawals.
   
• Income generated by RRIF investments is not taxable for as long as it remains in the RRIF.
   
• Since you can withdraw funds as you need them, and since you're generally in a lower tax bracket when you retire, you'll have less tax to pay.

Who can take out a RRIF?

Anyone with a Registered Retirement Savings Plan (RRSP) has until the end of the year in which they'll turn 71 to set up a Registered Retirement Income Fund (RRIF)

To learn more

• How it works?
• Questions about RRIF withdrawals
• Spousal RRIFs
• Death and other tax considerations
• How to get the most out of your RRIF and other tips?