RRIF – Registered retirement income fund

A RRIF is an extension of an RRSP. It allows you to use accumulated savings during your working life. The RRSP must be transformed into a RRIF no later than December 31 of the year you turn 71.

Advantages of a RRIF

A RRIF lets you periodically withdraw money while continuing to make your savings grow free of tax. It allows you to:

  • Gradually withdraw registered funds while being taxed only on the amount withdrawn each year.
  • Withdraw as much money as you want, while respecting a minimum annual amount established on January 1 each year. There is no fixed maximum amount for withdrawals.