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What is a RRIF?

A Registered Retirement Income Fund (RRIF) provides an income at retirement. Although you may set up a RRIF at any age, it is mandatory for RRSPs to be converted to a RRIF at age 71. The RRIF then provides you with a regular stream of income from the funds you have accumulated in your RRSP. As you withdraw funds from the RRIF, you will pay income tax on the amount withdrawn, helping to reduce the total amount of taxes paid.

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Key Information

  • Funds in your RRIF continue to grow tax-sheltered, just as they did in your RRSP.
  • Minimize the amount of taxes paid by spreading your RRIF income over a number of years.
  • You must start taking withdrawals the year you turn 72.
  • You can choose your withdrawal amounts as long as you make the minimum annual withdrawal, which is a set percentage determined by the government.
  • You can set up monthly, quarterly, semi-annual and annual withdrawals.
  • There are many options for RRIF investments, including daily savings accounts, traditional term deposits, index-linked term deposits or mutual funds*.
  • Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).
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Receiving Funds From Your RRIF

RRIFs have annual minimum withdrawal amounts set by the government. These amounts are the the minimum that you must take from your RRIF each year, based on your age. 

Below are the minimum withdrawal amounts by age. 

Age Minimum Withdrawal
72 5.40%
73 5.53%
74 5.67%
75 5.82%
76 5.98%
77 6.17%
78 6.36%
79 6.58%
80 6.82%


Age Minimum Withdrawal
81 7.08%
82 7.38%
83 7.71%
84 8.08%
85 8.51%
86 8.99%
87 9.55%
88 10.21%
89 10.99%


Age Minimum Withdrawal
90 11.92%
91 13.06%
92 14.49%
93 16.34%
94 18.79%
95+ 20%


*Mutual funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated. ®Credential is a registered mark owned by Aviso Wealth Inc. NEI Investments is a registered trademark of Northwest & Ethical Investments L.P. ("NEI LP"). Northwest & Ethical Investments Inc. is the general partner of NEI LP and a wholly-owned subsidiary of Aviso Wealth Inc. ("Aviso").
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