manage your retirement with a RRIF

You’ve finally reached retirement and are living the dream. Congratulations! So, what’s next?


No matter what your retirement plans, you will still need an income to help cover the cost of your daily expenses. But don’t worry, that doesn’t mean you have to go back to work!


With a Registered Retirement Income Fund (RRIF) your investment in an RRSP or pension fund is paid out over a period of time to avoid paying tax on the whole sum at once. Essentially, an RRIF is the same thing as a self-administered annuity.


The good news is that unlike an annuity, which fixes your rate of return for life at the time you purchase it, the investments in an RRIF are controlled by you, meaning you have the option of choosing a variable rate savings plan or a fixed-term plan.


There is a minimum amount you must withdraw each year based on Revenue Canada’s guidelines, however, you can take more out at any time you wish. And while you can’t put money back into a RRIF (only withdraw it), you can transfer funds into your RRIF from your RRSPs, another RRIF, or even a Registered Pension Plan. It can get a bit complicated so if it’s something you are interested in, just give us a call and we’ll be happy to help you out.


And just like our RRSPs and RESPs, RRIFs are available in a number of investment options and we can help you choose the one that will best suit your individual needs. For additional information on how an RRIF may benefit you, stop by your local branch or give us a call. We’re happy to help!


Please note: a $100 fee will be applied to any full or partial registered product transfer out.

have questions?

Help HQ is here to, well, help! Give us a call at 1.833.378.6682, send a text at 1.204.813.5786, or start a chat session below!


Help HQ staff are available during the following hours:


Monday – Friday: 8:00 am – 8:00 pm

Saturday and Sunday: 8:00 am – 4:00 pm


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