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Registered retirement income fund (RRIF)
Personal Investing

Registered Retirement Income Fund (RRIF)

Time to turn your hard-earned savings into a steady income stream as you coast into retirement.  

Transferring your RRSPs to a RRIF

If you’ve made regular contributions to your RRSP over the years, you’ve likely accumulated substantial savings. By transferring these savings to a RRIF, you can have peace of mind while managing your retirement income. Similar to an RRSP, your money continues to grow tax-sheltered in your RRIF. 

Here’s how it works 

You have until the end of year on your 71st birthday to convert your RRSP to a RRIF. If you need to access the funds before that, you can also make this transfer sooner. You get to decide the amount and frequency of your withdrawals, as long as you meet the minimum annual withdrawal amount as determined by federal regulations. 

Some important things to keep in mind  
  • You cannot make contributions to your RRIF  
  • You don’t pay taxes when funds are transferred from your RRSP to your RRIF
  • All withdrawals will be reported as income on your annual tax returns 
  • Every year, there’s a minimum payment that must be withdrawn based on your age and the total value of your RRIF at the beginning of the year  
  • You can set up your payments to go directly into your account monthly or annually 

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