1.What is RRIF?

Registered Retirement Income Fund (RRIF) is an extension of Registered Retirement Savings Plan (RRSP) designed to help you withdraw funds during your retirement.

RRIF, like RRSP is government regulated, allows tax-deferred growth and helps you invest in several ways. Minimum withdrawal is mandatory and taxable.

2.Who should consider RRIF?

You need to convert to RRIF from RRSP by the age of 71 which is an important year in your retirement planning. You are required to terminate your RRSP then and withdraw all the funds in cash (subject to tax), convert your funds into RRIF (not subject to tax) or opt for other retirement income options.

3.Benefits of RRIF

There are several benefits from RRSP and RRIF tax-sheltered plans:

  • You can continue to build your investment without incurring taxes
  • You can withdraw and manage your funds, subject to the minimum annual payment requirements
  • Your RRIF investment can be transferred tax-free to your spouse after your death
  • You can convert to a more secure income if you wish to

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