Registered Retirement Income Fund

Retire with the money you’ve been saving.

Converting an RRSP to a RRIF is an easy and flexible way to receive income during retirement.

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What is a RRIF?

A Registered Retirement Income Fund (RRIF) is simply an evolution of an RRSP. You have to convert your RRSP into a RRIF by December 31st of the year you turn 71. Then you withdraw from your RRIF throughout retirement. Withdrawals are based on your financial needs, with a minimum percentage set by the government each year.

While you don’t contribute to a RRIF, the money in it still earns interest. Like an RRSP, the interest you earn in a RRIF is sheltered from tax. Also, similar to an RRSP, taxes are paid when money is withdrawn from the account.


Where can I invest my RRIF?

A RRIF can be invested in a variety of products like GICs, savings accounts, Mutual Funds*, ETFs*, and Index-Linked GICs*. The choice is very personalized, a PenFinancial Advisor can help you.

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What else should I know?

RRIFs have important withdrawal rules. You have to withdraw a minimum amount from your RRIF every year, and to avoid extra fees, you also have to ensure you have enough money available in your account to make any additional withdrawals.


Minimum Required Withdrawals

Please note that there has been a reduction for 2020 minimum withdrawals due to COVID-19. For more information visit the Canada Revenue Agency website.
Age Minimum Withdrawal
71 5.28%
72 5.40%
73 5.53%
74 5.67%
75 5.82%
76 5.98%
77 6.17%
78 6.36%
79 6.58%
Age Minimum Withdrawal
80 6.82%
81 7.08%
82 7.38%
83 7.71%
84 8.08%
85 8.51%
86 8.99%
87 9.55%
88 10.21%
89 10.99%
Age Minimum Withdrawal
90 11.92%
91 13.06%
92 14.49%
93 16.34%
94 18.79%
95+ 20.00%
Note *Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc. Mutual funds are offered through Credential Asset Management Inc. Online brokerage services are offered through Qtrade Investor, a division of Credential Qtrade Securities Inc. VirtualWealth is a trade name of Credential Qtrade Securities Inc.
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