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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 is required by CRA to withdraw a minimum amount from the RRIF each year (with the exception of the first year when there is no minimum). 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 Tax is only paid on the amount of money that is withdrawn each year.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  • The minimum amount to be withdrawn each year is based on a set formula that takes into consideration the planholder's age (or the age of his/her spouse) and the market value of the assets in the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

The Declaration of Trust, providing all the terms and conditions of the plans, has recently been updated.

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
Invesco - Plans