Registered Retirement Income Fund (RRIF)

A Registered Retirement Income Fund (RRIF) is an account registered with the federal government that gives you a steady income in retirement. Before, you were putting money into your RRSP to accumulate savings for retirement. Now, you withdraw that money from your RRIF as retirement income.

6 things to know about RRIFs

  1. You can open a RRIF anytime, but no later than the end of the year you turn 71.
  2. You open a RRIF by transferring money from your RRSP. Transfers from other registered plans like pension plans and DPSPs are allowed under certain circumstances.
  3. Once the RRIF is set up, you can’t make any more contributions to the plan. However, you can have more than one RRIF
  4. You choose the types of investments to hold in a RRIF. Examples: GICs, segregated funds, stocks and bonds.
  5. You must take out a minimum amount from your RRIF each year. This amount increases as you get older. There is no maximum withdrawal limit.
  6. If any money is left in your RRIF when you die, it will go to your named beneficiaries or to your estate

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