When it comes time to convert your registered retirement savings plan (RRSP) or your employer's registered pension plan (RPP), a RRIF is one of the options you have to create an income plan in your retirement years. Within a RRIF, your investments can continue to grow on a tax-deferred basis, while you receive a regular stream of income through the withdrawals you are required to make annually from the plan.
Enjoy the retirement you've built
A Registered Retirement Income Fund (RRIF) lets your savings grow tax-sheltered while you enjoy retirement.
What's the buzz about RRIFs?
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By combining a TFSA and a RRIF in your financial plan, you can take full advantage of the tax savings offered by the government.
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Your RRIF questions answered
What is a registered retirement income fund (RRIF)?
Do I have to convert my RRSP to a RRIF at age 71?
In the year you turn 71, you must convert your RRSP to an income option such as a RRIF or an annuity. You can also cash out your RRSP, however the entire amount is considered taxable income in the year you withdraw it, and the funds no longer benefit from tax-sheltered investment growth.
You can convert your RRSP to a RRIF before age 71 if you need to draw income from it. If you withdraw funds from your RRIF that exceed the minimum annual payment there will be withholding tax on the excess amount.
To understand the best options for your situation, book a chat with one of our financial planning experts from Journey Wealth.
How do withdrawals from RRIFs work?
Starting in the year after you open your RRIF, you must withdraw a minimum annual amount from your RRIF, which is taxable as income. This amount is determined by the federal government using a calculation based on your age and the dollar value of your RRIF on December 31st.
For help understanding RRIFs, speak with one of our planning experts from Journey Wealth or visit the Government of Canada website for more information on RRIF withdrawals.
Income for today
with an RRSP from Stride
3.75
