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Registered Retirement Income Fund

A Registered Retirement Income Fund (RRIF) is an example of a post-retirement plan. The Custom RRIF can be set up with the proceeds from an RRSP or another RRIF. The planholder must withdraw a minimum amount from the RRIF each year. Growth within an RRIF is tax-deferred. Tax is only paid on the amount of money that is withdrawn each year.

Administrative information

  • The minimum amount to be withdrawn each year is based on a set formula that takes into consideration the planholder's age (or the age of his/her spouse) and the market value of the assets in the plan as at December 31st
  • Withdrawals can extend over the lifetime of the planholder or the planholder's spouse

Special information

  • An RRIF can be opened at any age, but new contributions can never be made
  • When an RRSP is rolled over into a RRIF, no taxes are payable on the transferred funds