Registered retirement income fund (RRIF)
Convert all or part of your RRSPs into retirement income with a registered retirement income fund (RRIF).
If you're a Desjardins member, book an appointment on AccèsD to open your RRIF.
Not a member? Schedule a call to book an appointment.
What is a RRIF?
A registered retirement income fund (RRIF) is like an extension of your registered retirement savings plan (RRSP). By transferring your RRSP investments to a RRIF, you can continue growing your money and enjoy a stable, flexible source of retirement income. If you don't convert your RRSP to a RRIF by the year you turn 71, the money in your RRSP is added to your taxable income.
Benefits of a RRIF
Grow investments tax-free
You can continue growing your RRSP returns tax-free in your RRIF until you withdraw them.
Make flexible withdrawals
You can withdraw any amount from your RRIF each year, as long as you take out the minimum based on your age.
Simplify withdrawals
You can convert the funds from different RRSPs into 1 RRIF to easily keep track of your withdrawals.
How does a RRIF work?
Eligibility
You have money to transfer over, usually in an RRSP
Minimum RRIF withdrawal
Starting the year after you open your RRIF, you must withdraw at least the minimum required amount each year. You can use your age or the age of your spouse or common-law partner to determine this amount. You can always withdraw more money if needed, but never less than the minimum.
Minimum RRIF withdrawal rate by age
Based on your age at the beginning of the year, you must withdraw a certain percentage from your RRIF:
- Age 71: 5.28%
- Age 72: 5.40%
- Age 73: 5.53%
- Age 74: 5.67%
- Age 75: 5.82%
- Age 76: 5.98%
- Age 77: 6.17%
- Age 78: 6.36%
- Age 79: 6.58%
- Age 80: 6.82%
- Age 81: 7.08%
- Age 82: 7.38%
- Age 83: 7.71%
- Age 84: 8.08%
- Age 85: 8.51%
- Age 86: 8.99%
- Age 87: 9.55%
- Age 88: 10.21%
- Age 89: 10.99%
- Age 90: 11.92%
- Age 91: 13.06%
- Age 92: 14.49%
- Age 93: 16.34%
- Age 94: 18.79%
- Age 95 and over: 20.00%
For example, if you have $100,000 in your RRIF, the minimum withdrawal is:
- $5,400 if you're 72, or 5.40%
- $7,380 if you're 82, or 7.38%
These minimum RRIF withdrawal percentages are calculated using prescribed factors. For more information about minimum RRIF withdrawal calculations, see the prescribed factors chart External link. on the Government of Canada website. You'll also see how to calculate the minimum RRIF withdrawal amount if you're under 71.
RRIF withdrawal tax
Withdrawals from your RRIF are added to your taxable income, and any withdrawals over the minimum amount are subject to a withholding tax.
If your spouse or common-law partner is younger than you, you can use their age instead for calculating the minimum withdrawal amount. This way, you might be able to withdraw a lower amount and reduce your taxable income.
How to convert an RRSP to a RRIF
1. Contact your advisor
Your advisor will discuss your retirement savings with you and help you open a RRIF. You must convert your RRSP to a RRIF by the year you turn 71.
If you're not a Desjardins member, schedule a call to book an appointment.
2. Choose your investments
We'll help you choose the right investments for your RRIF according to your goals and investor profile.
3. Plan your withdrawals
We'll also help you create a withdrawal plan for you to save on taxes and still achieve your goals.
Investment options for a RRIF
Find out which investments you can hold in your RRIF.
Personalized Annuity Term Savings
Enjoy high, steady income from interest and capital payouts. Both your capital and interest are guaranteed.
Regular Savings Account
Save for short-term goals with no minimum deposit required.
Guaranteed fixed-rate investments (term savings)
Enjoy a known return on your investment from day one. Both your capital and interest are guaranteed.
Market-linked guaranteed investments
Harness the growth potential of stocks without risking your capital.
Desjardins Funds
Invest in innovative and competitive fund portfolios tailored to your profile.
Guaranteed Investment Funds Helios2 Contract
Earn interest while protecting your estate and your savings.
Switch to online brokerage
Want to explore online brokerage to invest on your own? Whatever your level of investment knowledge, we offer everything you need to make informed decisions and invest with confidence:
- No-fee online transactions for stocks and exchange-traded funds (ETFs)
- State-of-the-art trading platforms
- Comprehensive training
- Powerful analysis tools
Responsible investment pays off
Commit to a sustainable and equitable economy by investing in businesses that value the environment, the community and diversity. With our socially responsible investments, you benefit from good potential returns while taking action for the future.
FAQ
Yes, you must transfer your RRSP funds to a RRIF or use them to buy an annuity by the year you turn 71. Otherwise, the total amount in your RRSP will be added to your taxable income.
No, you can't contribute to a RRIF. You can only transfer money to it from eligible plans such as an RRSP, VRSP, PRPP, FHSA, or another RRIF. Once you open a RRIF and transfer money to it, you can only make withdrawals.
You can open a RRIF at any age, whenever you want retirement income. As long as there are funds in your RRIF, you must withdraw the minimum amount each year.
Contact your advisor to come up with the best withdrawal strategy for you, based on all your retirement income sources.
Generally, upon death, the money in your RRIF is added to your other income to report for that year.
If your spouse or common-law partner inherits your full RRIF, they can transfer the funds tax-free to their RRIF, or their RRSP if they're under 71. If your spouse or common-law partner only gets part of your RRIF, the full amount is added to your reported income on your tax return for the year of death, but the amount they receive gets subtracted from it.
If a financially dependent child inherits your RRIF, they may be eligible to transfer the money to an RRSP, RRIF or RDSP or use it to buy an annuity. The child's eligibility is determined at the time of death.
Book an appointment to open your RRIF
On AccèsD
Book an appointment on AccèsD if you're a member, and meet with an advisor online, in person or over the phone.
By phone
Montreal area:
514-224-7737 Phone number of customer service for the Montreal area. This link opens your phone app. (514-CAISSES)
Elsewhere in Canada:
1-800-224-7737 Phone number of customer service for Canada. This link opens your phone app. (1-800-CAISSES)
We can also call you when it's convenient.