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Registered Retired Income Fund

Couple looking at paperwork for a Registered Retired Income Fund with Darren Robinson in Barrie, ON


Maximize your retirement income, the right way.

Darren provided great advice, was very quick to get everything done and even met with us off hours because of our crazy schedules…

Kate E.
Waubaushene, ON

Having an RRIF, your money will continue to grow, sheltered from tax, until you actually make a withdrawal. It allows you to convert your retirement savings into income.

How An RRIF Works For You:

Once you turn 71, you must close your RRSP. You have 3 options from there:

Option 1

Transfer your investments into a Registered Retirement Income Fund (RRIF)

Option 2

Buy an annuity with your funds

Option 3

Cash in your investments and claim as income

Benefits and Features to Meet Your Needs

The thing about an RRIF is, you can set up one at any time, but you cannot make contributions to it. It is designed to be a source of income for when you retire. The prescribed minimum amount you must withdraw from your RRIF every year is determined by the Canada Revenue Agency at the beginning of the year and your age (or your spouse’s).

Once you withdraw your required minimum, you then have the freedom to take out any additional amount. However, you must ensure that your plan is not a locked-in pension. With this flexibility, you can adjust your income to match your retirement needs. Remember though any withdrawals are added to your income.

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