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Retirement Income Fund (RIF)

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What’s a Registered Retirement Income Fund?

A Registered Retirement Income Fund (RRIF) is a great way to manage your retirement savings after you retire. It’s like an RRSP in reverse – but instead of making contributions, you’re making withdrawals as you need them. The good part? The rest of the RRIF balance is still tax-sheltered and continues to grow.

It’s great for: anyone who’s approaching retirement and has funds in an RRSP

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Check out our new BMO Progressive GIC options

We’ve improved our suite of BMO Progressive GICs to offer you even higher potential returns!

BMO Return Enhancing GIC

Bank on this GIC for returns linked to Canada’s biggest banks and utilities.
Term: 3 years
Maximum rate of return for the term: 12%*

BMO Fund Linked GIC

Investing in GICs just got smarter. Participate in the growth of Canada’s equity markets.
Term : 5 years
Maximum rate of return for the term: 40%*

#InvestSmart for your future with these new BMO Progressive GICs. Speak to a BMO investment professional today to get started.

What are the benefits of a RRIF?


Withdraw as much as you need from your RRIF each year (there’s a yearly minimum).


The funds in your RRIF can continue to grow tax-sheltered, just like they do in your RRSP.


When you are ready to convert to a RRIF you can consolidate all of your RRSP accounts, even if they aren’t held with BMO. Why not make your retirement as easy as possible?

Numbers you need to know

  • 5.28%
    Minimum annual withdrawal amount at the start of the year following your 71st birthday
  • 0%
    Tax withheld on your minimum annual withdrawal amount
  • 71
    The age at which you must convert your RRSP to a RRIF (or other income option)

Drawing income from a RRIF

You can set up a RRIF to pay you on any schedule you like, including monthly, semi-annually, or annually. Or, you can simply withdraw lump sums as needed. The only requirement is that you meet the minimum annual withdrawal amount, regulated by the government.

The minimum amount is a percentage of your plan’s total value, determined by your age on January 1 of that year. For example, your minimum annual withdrawal amount at age 71 is 5.28%.

The withdrawals from RRIF are taxable; however the withholding tax is not applied to your minimum amount. If you withdraw more than the minimum, the amount of withholding tax will depend on the amount withdrawn and the province you live in.

View withdrawal and withholding tax rates
RIF Annual MinimumWithdrawal RatesAge as ofJanuary 16570758590804%5%5.82%8.51%11.92%95+20.00%6.82%

Helpful Tools & Resources

Want to know more about RRIFs?

Check out RRIF FAQs

RRIF Calculator

See how much your RRIF can earn over the course of your retirement, and what your income will be.

Try it now

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* BMO Progressive GICs are issued by Bank of Montreal Mortgage Corporation and guaranteed by Bank of Montreal. The principal amount of a BMO Progressive GIC is guaranteed and is repayable upon maturity, but there is no guarantee of earning any return linked to the performance of the underlying securities. The rate of return for the term payable, if any, will be the return on the portfolio of investments which are the basis for calculating the return on the BMO Progressive GIC (the “Reference Portfolio”) subject to the following: the rate of return for the term will not be less than zero or more than the maximum rate of return. The return on the Reference Portfolio, if any, is determined without reference to any dividends or distributions paid on the securities and is the simple average of the percentage changes in the value of each underlying security in the Reference Portfolio over the term of the BMO Progressive GIC. The rate of return for the term: (i) is not compounded; (ii) as set out in this advertisement is based on the BMO Progressive GICs as of June 30th, 2018, and the maximum rate of return for the term is subject to change between series; and (iii) is not an annual rate but is the rate of return over the entire term of the BMO Progressive GIC. If market disruptions or other special circumstances affect the calculation of the return, the calculation agent may adjust or delay the calculation or payment of interest, estimate the value of an underlying security, replace a security and/or determine the amount of interest, if any, that may be payable in an alternate manner. The terms and conditions for BMO Progressive GICs are available at your local BMO Bank of Montreal branch.