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Registered Retirement Income Funds (RRIFs)

Draw on your RRSPs to make the most of your retirement

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RRIFs at a glance

What is a Registered Retirement Income Fund (RRIF)?

A RRIF is a registered plan that acts as an extension of your RRSP. When you retire, funds from your RRSP are transferred to a RRIF.

You can then make withdrawals, which are considered taxable income. The main advantage of a RRIF is that the remaining balance continues to grow tax-free.

Useful if you’re looking to:

  • Convert your RRSP to a source of retirement income
  • Let your investments grow tax-free ahead of your retirement
  • Withdraw the balance in part or in full at any time
  • Transfer your assets to your spouse tax-free on your death

Maximum age

71 years

You must convert your RRSP to a RRIF no later than December 31 of the year you turn 71. If you don’t, the government will close your RRSP. Your RRSP savings will then be considered taxable income.

Tip

Are you over 71? Invest retirement income that you don’t need right away in a TFSA to continue saving.

Minimum annual withdrawal

Varies depending on your age

The government requires you to make a minimum withdrawal from your RRIF each year. The minimum percentage is based on your age. You can make withdrawals as often as you like.

Tip

Is your spouse younger than you? When you first open your RRIF, use their age rather than your own to calculate your minimum withdrawal, to defer paying taxes for longer.

Withholding taxes

At source

RRIF withdrawals that exceed the minimum withdrawal amount are added to your taxable income. This means that they are subject to withholding taxes at source.

Tip

Looking to maximize your tax refund? Read our advice on reducing your tax bill in retirement

Let an advisor help you prepare for this important step.

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Tip

Approaching retirement? It’s time to max out your RRSP and TFSA contributions.

Little details that matter

Table of minimum amounts by age

For RRIF minimum withdrawal amounts, see our detailed table [PDF].

Another great option

TFSA

Earn tax-free interest on your savings and access your funds any time.

See our TFSAs

See all our solutions

Ready to talk about retirement?

Speak to an Investment and Retirement Development Manager to find the solution that's right for you.

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