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 RRSP can grow on a tax-deferred basis.
- RRSPs must be converted to a form of retirement income by December 31 of the year you turn 71.
- 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.
Benefits of RRIFs
Grow your savings tax-deferred
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Simplicity and flexibility
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