Retirement Income – RRIF Toronto

A registered retirement income fund (RRIF) is used to withdraw income during your retirement, whereas a registered retirement savings plan (RRSP) is used to save for your retirement. The savings in your RRIF continues to grow tax-free until the money is withdrawn. 

Advantages of a Registered Retirement Income Fund (RRIF)

  • You can control your income by managing the amount and frequency of your withdrawals within the minimum annual payment requirements.
  • Your investment savings will continue to grow tax-free until withdrawn, so your money keeps working for you.
  • You have the ability to transfer your RRIF assets to your spouse tax-free when you pass away.
  • You can choose to convert to a more secured guaranteed income when you see fit. 

You will be required by the Canadian Revenue Agency to withdraw minimum payment amounts from your RRIF each year to be added to your income for tax purposes. However, you may make withdrawals exceeding your minimum annual amounts as often as you need.

You must convert your RRSP to a RRIF by December 31 of the year you turn 71. However, you have the option to convert your RRSP at any time before then.

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