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Registered Retirement Income Fund (RRIF)

Frequently asked questions

  • What’s a RRIF?
    A Registered Retirement Investment Fund (RRIF) is a great way to earn an income from your investments after you retire. It’s a bit like a Registered Retirement Savings Plan (RRSP) in reverse. Here’s how it works: you contribute funds to an RRSP before you retire, where they can grow, tax-sheltered. Then when you retire), you convert your RRSP to a RRIF. You can’t contribute to a RRIF, but you can draw an income from it while your investments can continue to grow, tax-sheltered.
  • How does a RRIF work?
    The simple answer is that a RRIF lets your investments grow tax-sheltered, even while you draw a retirement income from the account. You convert your RRSP into an RRIF when you retire, and you must convert before the end of the year you in which you turn 71. You can manage your RIFF investments just like you did with your RRSP. Pay yourself as much as you want from your RRIF, on any schedule — monthly, semi-annually, or annually — or even as occasional lump sums. You do have to withdraw a minimum amount every year. Withholding tax doesn’t apply to the minimum amount. Here’s a table of minimum amounts and withholding tax rates.
  • How much do I have to withdraw from my RRIF?
    The minimum changes with your age. If you’re 65 on January 1 of this year, your minimum rate is 4% of your RRIF’s total value. If you’re 71, it’s 5.28%. If you have a younger spouse, you can use their age. Here’s a table of minimum amounts and withholding tax rates.
  • What is the maximum withdrawal amount for a RRIF?
    There’s no maximum withdrawal amount! You can take out as much as you like, at any time, as long as you meet the minimum requirement.
  • Are RRIF withdrawals taxable?
    Yes, RRIF withdrawals are taxable income, and amounts above the annual minimum are subject to withholding tax. Check out the table of minimum amounts and withholding tax rates.
  • What kind of investments can I have in a RRIF?
    You can have the same mix of investments in a RRIF as you would in an RRSP — cash, GICs, Mutual Funds, publicly traded stocks, corporate and government bonds... whatever works for you.
  • Can I have more than one RRIF?
    Sure, you can have as many RRIFs as you like. But keep in mind you’ll have to apply the minimum withdrawal rule to all of them. Most people prefer to have one rather than several, because there’s no real advantage to having more than one.

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