Convert your savings into flexible retirement income
Access your money when you need it, for whatever you need it for in retirement
Invest how you like
You can choose to invest your money in mutual funds, segregated funds and more.
Flexible income
There's no maximum withdrawal and you decide when you’ll receive it.
Tax-efficient growth
You don’t pay tax on money in your RRIF, as long as it stays there. This includes any growth on your investments inside the RRIF.
What is a RRIF?
It’s like a Registered Retirement Savings Plan (RRSP) in reverse. An RRSP helps you save for retirement through annual contributions. A RRIF does the opposite, requiring you to take minimum annual withdrawals from your savings to help fund your retirement.
How does it work?
- Convert your RRSP to a RRIF at any time, before Dec. 31 of the year you turn 71.
- Choose how you’ll invest your money.
- The government determines the minimum amount you must take out each year.
- However, you have flexibility on how much you withdraw over the minimum amount and when you’ll receive it.
- All your RRIF withdrawals are taxable as employment income.
- Use our handy calculator to see how much income you’ll get from your retirement savings.
Flexibility brings responsibility
You can take money from your RRIF any time, with no maximum. However, the more income you take out in the short term, the more tax you may pay and the less money you’ll have left in the long term.
Flexibility brings responsibility
You can take money from your RRIF any time, with no maximum. However, the more income you take out in the short term, the more tax you may pay and the less money you’ll have left in the long term.
Prescribed registered retirement income fund (PRRIF)
If you live in Manitoba or Saskatchewan, you can use a PRRIF to access even greater flexibility in managing your retirement savings. Contact an advisor for more details.