Registered Retirement
Income Fund

Retirement & Pensions

Registered Retirement income fund (RRIF)

A RRIF is a type of retirement account that allows individuals to convert their Registered Retirement Savings Plan (RRSP) or other eligible retirement savings into a source of income during retirement. If an individual own RRSPs, they must be converted your RRSPs to a RRIF or RRIFs before the end of the year you turn 71. When this occurs, funds are directly transferred funds from your registered accounts to a RRIF.  Investments will not be taxed while they are in a RRIF. However, taxes must be paid on withdrawals.

  • RRIF contributions: Contributions to a RRIF can be made only from a RRSP, other RRIFs, and certain other retirement plans.  Under age 71, some or all of RRIF funds may be converted to a RRSP. This may be helpful if an individual no longer requires RRIF income.
  • RRIF withdrawals: A minimum annual withdrawal is required from a RRIF, starting no later than the year after it has been opened.  Withdrawals are taxed. Withdrawals greater than the minimum amount will be subject to withholding tax.


A RRIF is like a continuance of your RRSP where your funds are tax deferred. Unlike a RRSP for savings, a RRIF provides income during your retirement.

Key Features and Considerations of RRIFs

  • Conversion from RRSP: When an individual reaches the age of 71, they are required to convert their RRSP into a retirement income option, such as a RRIF. However, a RRIF can be opened at any age, providing flexibility.
  • Tax-deferred growth: Similar to RRSPs, funds held within a RRIF grow on a tax-deferred basis. This means no taxes are paid on the income or capital gains generated within the account until withdrawal of funds.
  • Minimum annual withdrawals: Each year, the investor are required to withdraw a minimum amount from a RRIF, which is determined based on age and the value of the RRIF. The government sets the minimum withdrawal percentages, which increases with age.
  • Taxation of withdrawals: Withdrawals from a RRIF are considered taxable income and are subject to an individual’s marginal tax rate. The financial institution holding the RRIF will typically withhold a portion of the withdrawal amount as tax remittance to the government.
  • Investment options: RRIFs offer a range of investment options, including stocks, segregated funds, mutual funds, and other qualified investments.

For information regarding the rules and regulations

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