Registered Retirement Income Fund (RRIF)

A RRIF uses the savings from your Registered Retirement Savings Plan (RRSP) to provide you with retirement income. It also offers you the flexibility to make RRIF withdrawals on a schedule based on your retirement goals while enjoying the benefits of tax-deferred growth.

RRSPs must be converted to a form of retirement income by December 31 of the year you turn 71.

Benefits of RRIFs

  • Grow your savings tax-deferred

    Your RRIF can continue to grow tax-deferred, similar to an RRSP.

  • Personalized to your needs

    RRIF’s can allow for flexibility and customization, helping ensure your retirement can be a comfortable one.

  • Comfort and Convenience

    We can help you consolidate all your RRSPs into one RRIF.

How RRIFs work

  • A RRIF is a tax-advantaged savings vehicle in which you may hold eligible investment products.
  • You withdraw from your RRIF to support your retirement. You can manage your RRIF in the same way you managed your RRSP, while paying yourself to support your retirement.
  • Investments within a RRIF can grow on a tax-deferred basis.
  • If you have a Locked-In Retirement Account (LIRA), Locked-In RRSP (LRRSP ) or Restricted Locked-in Savings Plan (RLSP), you may be able to convert to one of the following plans: Life Income Fund (LIF), Locked-In Retirement Income Fund (LRIF), Prescribed Retirement Income Fund (PRIF), or Restricted Life Income Fund (RLIF).

Learn about the RRIF Minimum Payment Schedule.

Investments in RRIF Accounts

TD offers several different investment products for your RRIF account. Find the best TD product for you.

We can help you plan for the future

  • Personalized investment advice

    TD Personal Bankers will work with you to understand your financial goals and help you map a path towards achieving them.

  • The right options

    No matter what type of investor you may be, we’re ready with options to help you succeed.

  • Convenience

    The advice you want. Call us Monday to Friday from 8 am – 8 pm EST to speak to an investment specialist in English, French, Mandarin or Cantonese.

Retirement Savings Calculator

Use our helpful Retirement Savings Calculator to find out how much you will need to save to meet your retirement goals and whether you are on track.

Frequently Asked Questions

You must convert a RRSP to a retirement income option such as a RRIF by December 31 of the year that you turn 71. If you decide that you don't want to transfer your money from an RRSP to a RRIF, you could withdraw your RRSP as a lump sum amount that will be considered taxable income.

After opening a RRIF you are required to withdraw the annual minimum payment (AMP) each year. There is no maximum withdrawal limit. You could review the RRIF minimum payment schedule to determine your AMP percentage based on your age. The money in your RRIF is considered taxable income in the year that you withdraw it.

You could hold multiple RRIFs separately. However, you still need to withdraw the annual minimum payment (AMP) from each RRIF.

The key differences between the two accounts are that RRSPs focus on contributing money into your account regularly whereas RRIFs only allow you to withdraw money from the account and you cannot make contributions. A Registered Retirement Savings Plan (RRSP) allows you to save money for retirement and defers your taxes. A RRIF provides income during retirement through regular withdrawals of the savings from your RRSPs. Payments from a RRIF are considered taxable income so any withdrawals will be taxed.

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