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      • Grow Your Savings Program
    • Mortgages
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      • Fixed Rate Mortgage
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Registered Retirement Income Fund (RRIF)

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Securely manage your retirement income

The Registered Retirement Income Fund is a powerful way to turn the funds in your RRSP into your own personal pension plan.

Turning 71 this year? It's RRIF time.

If you're about to turn 71, it's time to start thinking about the next phase of your investment plan. You have until December 31 of the year in which you turn 71 to convert your RRSP to an income-generating vehicle. The most popular choice is a Registered Retirement Income Fund, or RRIF.

Once you convert your RRSP to an RRIF you are required to withdraw a prescribed minimum payment each year. This minimum amount depends on a number of factors including whether you have a spouse and his or her age. There is no maximum annual withdrawal limit, but withdrawals over the minimum amount are subject to withholding tax.

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Here's what a properly planned RRIF can help you do:

  • Receive a monthly income as you start to draw from your RRIF.
  • Determine a schedule that meets your needs for an adequate income over the long-term.
  • Earn interest from investments held in your RRIF.
  • If you wish, have additional control through a self-directed RRIF that can include a wide variety of investments.

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Open up a locked-in plan with a LIF

A Life Income Fund (LIF) is used to transfer your funds from your individual RRSPs. LIFs are used to transfer from a Locked-in Registered Savings Plan (LRSP), Locked-In Retirement Account (LIRA), and locked-in group RRSPs or other employer-sponsored pension assets. (There is also a Locked-In Retirement Income Fund or LRIF, in addition to LIFs, but these aren’t available in British Columbia.)

Get expert advice

Converting your savings to income is a critical step to ensuring you have adequate retirement funds. Working out what you need when you need it, how to minimize taxes, and implications for your estate plan can be complex. Your financial advisor will be an important ally during these planning years. 

RRIF Payment Calculator

Calculate your RRIF payment, schedule, and value at the end.

From the Advice Hub and Help Centre

More Retirement Advice
Retirement

Planning to convert assets into retirement income?

Selling off big-ticket assets like a home or a boat can help raise retirement funds very quickly. But there are also big things to consider.
Retired woman looking out her sliding door
Learn More
RRIFs

Calculating RRIF minimum withdrawals

When determining how much money you want to receive as income from your RRIF, keep the minimums in mind.
Learn More

Have a question? Ask an expert

Ilana Schonwetter
Investment Advisor

Our team of experienced professionals are here to answer any questions you may have.

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