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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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Good News – you now have more options for your RRIF investments.

Now you can include BMO® Market-linked GICs and BMO® RateRiser GICs in your RRIF account. You get more options, and your portfolio can get a real boost.

With GICs, your principal is protected 100%, and you can begin investing with as little as $1000 - so you can start enjoying the benefits of investing sooner.

BMO® Blue Chip® GIC

Earn 3.00% guaranteed - with the potential to earn more - at the end of 5 years.1
(Based on market performance)

BMO® RateRiser® Plus GIC

Enjoy rising annual returns between 1.90% (year 1) and 2.70% (year 5)

Offers available until June 28th, 2018.

Come in and speak to us today about how to make the most of your RRIF.

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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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1 BMO Blue Chip GICs are issued by Bank of Montreal Mortgage Corporation and guaranteed by Bank of Montreal. The principal amount of a BMO Blue Chip GIC is guaranteed and is repayable upon maturity and, in addition, the GIC provides a minimum guaranteed rate of return, but there is no guarantee you will receive any additional return based on the performance of the Reference Portfolio. The Rate of Return for the Term payable is the return on the Reference Portfolio multiplied by the Participation Rate, except that it will not be less than the Guaranteed Rate of Return for the Term. The return on the Reference Portfolio, if any, is determined without reference to any dividends or distributions paid on the securities in the index and is the simple average of the percentage changes in (i) the value of each index in the Reference Portfolio as of the market close 2 business days after the issue date of the GIC, and (ii) the closing values of each index on the calculation date set out in the Terms and Conditions for the GIC. The rate of return for the term is not an annual rate but is the rate of return over the entire term of the 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 the underlying index or a security in the underlying index, replace a security or the underlying index and/or determine the amount of interest, if any, that may be payable in an alternate manner. The rate of return, if any, is based on a price return index, not a total return index. The Terms and Conditions for BMO Blue Chip GICs are available at your local BMO Bank of Montreal branch.

The indices comprising the Reference Portfolio are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and TSX Inc., and have been licensed for use by Bank of Montreal. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Bank of Montreal. TSX® is a registered trademark of TSX Inc., and has been licensed for use by SPDJI and Bank of Montreal. The BMO Blue Chip GIC is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, or TSX Inc. and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the indices comprising the Reference Portfolio.
Interest is paid annually or compounded annually and paid at maturity. Interest rates are subject to change at any time without prior notice. Annual Compound Equivalent (ACE) is 2.34%. $1,000 minimum investment. Accounts must be funded before June 28th 2018 to qualify for these special rates.