Registered Retirement Income Fund (RRIF)

What is RRIF?

A registered account that serves as an extension to your RRSP which provides you with income drawn from the investments and savings in your Registered Retirement Savings Plan (RRSP). You can’t make new contributions to a RRIF – you can only transfer funds from an RRSP or another RRIF


Tax-sheltered growth

Your money in the fund grows tax-free.


Although there is a minimum amount you should withdraw, you can choose when and the limit of the withdrawal.

Tax-Free Transfer

In the event of death, your RRIF assets can transfer to your spouse on a tax-free basis.


You must convert your RRSP to RRIF or an annuity in the year you turn 71. You can also withdraw your RRSP, however, the whole amount will be considered as taxable income in the year withdrawn and are no longer tax-sheltered.

Yes, you can have both as long as you are under age 71.

No, you cannot transfer money from a regular savings account into your RRIF.

The funds in your RRIF become taxable income on the date of your death unless you have a spouse or children/grandchildren under age 18 who were financially dependent on you at the time of your death. Different rules apply for different beneficiaries.

Legal Disclaimer

Mutual Funds are sold by Flip My Life Inc. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Please contact a financial advisor and read the Fund Facts before investing. Mutual fund securities are not insured by the Canada Deposit Insurance Corporation. For funds other than money market funds, unit values change frequently. Past performance does not determine future performance.

Flip My Life Inc. is licensed as a financial planning firm in the province of Ontario.

Financial planning services and investment advice are provided by Flip My Life Inc.

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