RRIFs

You can think of a Registered Retirement Income Fund (RRIF) as an extension of your Registered Retirement Savings Plan (RRSP). Your RRSP is used to save for your retirement, while your RRIF is used to withdraw income during your retirement.

Benefits of a Registered Retirement Income Fund (RRIF)

  • An RRIF can help you keep more of your money. Your RRIF's investment growth is tax-sheltered until you need it. It’s only taxed as income upon withdrawal.
  • By rolling your RRSP into an RRIF, you can have a constant income flow.
  • If you decide that an annuity is more suited to your retirement needs, you can convert the balance of your RRIF at any time.
  • An RRIF lets you control how your money is invested.
 

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