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Registered Retirement Income Fund (RRIF)

What is a registered retirement income fund?

The RRIF is an extension of the RRSP and allows you to convert your retirement savings into retirement income. Converting your RRSP into an RRIF is mandatory and must be done before the end of the year you turn 71.

The RRIF makes it possible to regularly withdraw your money as you need it and to continue growing your capital tax free.

Invested in your future!

  • Allows you to grow your savings tax free until you withdraw them
  • Provides regular income in retirement and payments can be adjusted to your needs
  • Offers many investment options

Don’t forget

Conversion

Converting your RRSP into an RRIF is mandatory and must be done before December 31 of the year you turn 71.

Please note that you can convert your retirement savings into an RRIF before the age of 71, but you must start making withdrawals the year following the conversion.

Withdrawals

There is no annual limit on the amount you are allowed to withdraw from your RRIF. However, a minimum withdrawal, established by the Canada Revenue Agency (CRA), is mandatory. It is calculated based on your age and the value of your RRIF, meaning it will vary from year to year.

Income taxes

Funds from your RRIF are taxable upon withdrawal. The amounts you withdraw must be declared as income for the year in which they are withdrawn.

Why opt for an RRIF with iA Financial Group?

We offer savings products that include advantageous guarantees for retirement. You can invest your RRIF in our segregated funds, which provide access to many benefits, such as capital protection at maturity and at death.

You can also invest in our guaranteed interest funds and our high interest savings account. These investment options offer competitive returns and can help balance your portfolio for retirement.

Are you nearing 71 and intending to open your RRIF?

I have an advisor

If you already have an advisor, contact them at your soonest convenience to plan on opening your RRIF. You can find their contact information in one of your statements, available through My Client Space or by contacting Customer Service at 1-844-442-4636.

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I don’t have an advisor

Opening an RRIF must be done with the help of an advisor. You can speak with the advisor of your choosing at your earliest convenience.

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FAQ

In the majority of cases, the funds transferred into an RRIF come from a registered retirement savings plan (RRSP). They can, however, come from other sources of savings, such as:

After converting your retirement savings into an RRIF, you must make a minimum withdrawal each year. This minimum withdrawal is established by the Canada Revenue Agency (CRA). It varies each year, according to your age and the value of your RRIF at the beginning of the current year. Your advisor can help ensure that you are withdrawing the yearly minimum throughout your retirement.

Yes, there are different options for RRIF withdrawal frequency. Check with your advisor to discuss your options and make sure that your withdrawal strategy meets your income and tax needs..

Yes, the funds withdrawn from your RRIF must be included in your annual income. They will be taxed according to your marginal tax rate.

If you were to fail to convert your RRSP into an RRIF before the end of the year you turn 71, your RRSP would lose its status as a registered plan and you would owe tax on the entire balance. Such a significant tax bill would reduce your retirement savings.

To avoid finding yourself in this situation, be sure to convert your RRSP into an RRIF in time. You can also purchase an annuity before the end of the year you turn 71.