Registered Retirement Income Fund
A Registered Retirement Income Fund, helps turn your registered retirement savings into income. Your RRIF can hold different options depending on how you want your retirement income managed.
Keep money tax-deferred until withdrawal- Turn retirement savings into income
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Unlimited FSRA coverage on registered accounts
What is a RRIF?
A Registered Retirement Income Fund, or RRIF, is a registered account designed to provide income from retirement savings. Many people open a RRIF by transferring money from an RRSP. Once the money is in the RRIF, you receive payments from the account. Those payments are generally taxable income.1
Savings
Hold cash savings inside your RRIF for retirement income you want to keep steady. A savings option can help your money earn interest while staying easier to plan around.2
GICs
Hold a GIC inside your RRIF and lock in a guaranteed rate for a set term. Choose a maturity date that works with your retirement income needs and other income sources.3
Investments
Hold eligible RRIF investments like mutual funds, bonds, money market funds, stocks, or ETFs, where available. A good fit for longer timelines and market-based growth.4
Planning your RRIF income
An RESP works best when you have a plan and give it time. Even small contributions can add up when they are made regularly and paired with eligible government grants.
PlanningPlan around monthly income
Plan around monthly income
Your RRIF payments should fit comfortably with your everyday expenses, other sources of retirement income and the lifestyle you want to enjoy. Consider how much you’ll need each month, when you’ll need it and how long your savings need to last. A thoughtful withdrawal strategy can help you create reliable income while making the most of your retirement savings.
TimingThink about tax timing
Think about tax timing
RRIF payments are generally taxable as income when you withdraw them, so when and how much you take can affect your overall tax picture. Consider your other sources of income, your expected tax bracket and your cash-flow needs when planning your withdrawals. A thoughtful withdrawal strategy can help you manage taxes while making your retirement savings last.
GrowthKeep growing your money
Keep growing your money
Money that stays in your RRIF can continue to grow on a tax-deferred basis until it’s withdrawn as retirement income. Keeping funds invested may help your savings continue to support you throughout retirement, while your withdrawals provide the income you need.
ReviewReview your plan often
Review your plan often
Your retirement income needs can change as life does—from your housing and family situation to your health, spending needs, market conditions and retirement plans. Review your RRIF strategy regularly to make sure your withdrawals and investments continue to support the life you want.
How RRIF withdrawals work
RRIF withdrawals turn your registered retirement savings into retirement income. Starting the year after you open a Registered Retirement Income Fund, you must receive at least the minimum RRIF payment each year. This amount is calculated by your financial institution, usually based on your age or your spouse’s or common-law partner’s age if chosen. You can take more than the minimum, but not less, and RRIF payments are generally taxable when received.
Are RRIF withdrawals taxable?
Commonly asked questions
Yes. RRIF payments are generally taxable income in the year you receive them.
Yes. Starting the year after the RRIF is opened, you must withdraw at least the required minimum amount each year.
Your RRSP must be converted, withdrawn, or used to buy an annuity by the end of the year you turn 71. Many people choose a RRIF because it keeps their money registered while creating retirement income.
Yes. You can take more than the required minimum if you need extra income. Just keep in mind that larger RRIF withdrawals may increase your taxable income and can affect how long your savings last.
Yes. Money that stays inside your RRIF can continue growing tax-deferred until it is withdrawn. This can help the rest of your retirement savings keep working while you receive income.
How to open a RRIF with YNCU
- 1
Plan your timing
Decide when to turn eligible registered retirement savings into RRIF income, based on your needs and the rules.
- 2
Choose your option
Select RRIF savings, a guaranteed RRIF option, advisor-led investing, or self-directed investing for your retirement income plan.
- 3
Set your payments
Choose how often you want to receive payments, then review your RRIF as your life, taxes, and spending change.
Other RRIF decisions to think about
Some RRIF decisions can affect your income, taxes, and how long your savings may last. These are worth reviewing before payments begin.
Payment frequency
Choose whether payments should come monthly, quarterly, annually, or on another available schedule.
Payment amounts
The minimum makes your money last longer, while higher payments give you more income now.
Investment mix
Money needed soon may need a different option than money that can stay invested longer.
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¹ RRIF income and withdrawals
Investment earnings remain tax-deferred while held in a RRIF. Payments received are generally taxable. Required minimum annual payments begin in the calendar year after the RRIF is established and are calculated under applicable tax rules. Withholding tax may apply, and the amount withheld may not cover your final tax liability. Payment timing and access to invested funds are also subject to the terms of the investments held in the account.
² Savings and deposit insurance
Savings rates are variable and may change without notice. Access to funds is subject to the account terms and applicable registered-plan rules. Eligible Canadian-dollar deposits held in a TFSA, RESP, LIRA, RRIF or FHSA at YNCU have unlimited deposit insurance coverage through the Financial Services Regulatory Authority of Ontario (FSRA), subject to its rules. Mutual funds, stocks, ETFs and bonds are not covered by this deposit insurance.
³ GIC terms and guarantees
GIC rates, terms, minimum deposits and interest payment options vary by product. Rates may change before purchase or renewal. Fixed-rate guarantees and access to funds are governed by the investment agreement. Non-redeemable GICs generally cannot be cashed before maturity. Early redemption of cashable or redeemable GICs may affect interest payable. Registered-plan withdrawal restrictions also apply.
⁴ Investment risks and availability
Available investments and services vary by provider and account type. Mutual funds, stocks, ETFs and bonds involve risk and may lose value. Returns are not guaranteed, and past performance does not indicate future results. Fees and expenses may apply. Investments must meet the applicable registered-plan requirements. Review the relevant investment and account disclosures before investing.
General information
This page provides general information and does not constitute individualized investment, tax or legal advice. Eligibility requirements, account agreements and applicable tax or pension legislation apply. Tax treatment depends on your circumstances, and rules may change. Speak with a qualified advisor before making a decision.