Registered Retirement Income Fund (RRIF)
Turn your retirement savings into retirement income.
A simple way to draw down your retirement savings
Keep growing tax-free
Your investments inside an RRIF keep compounding tax-deferred. Your withdrawals are treated as taxable income.
Flexible withdrawals
Take the government-set minimum, or more if you need it.
Income splitting after 65
Once you're 65, RRIF withdrawals qualify as eligible pension income. Split up to 50% with your spouse or common-law partner to lower your household tax bill.
Use your younger spouse's age
If you have a spouse or partner who is younger, you can base your minimum withdrawal on their age instead of yours. That keeps more money invested and growing for longer.
Get to know how a RRIF works
71
The year you must convert your RRSP into an RRIF (or an annuity, or cash it out). The deadline is December 31 of the year you turn 71.
5.28%
The minimum you're required to withdraw at age 71, based on your RRIF's value on January 1. The minimum percentage grows each year and caps at 20% from age 95 onward.
No maximum
There's no ceiling on how much you can take out. Withdraw what you need, when you need it. Just remember that withdrawals count as taxable income.
WHO SHOULD OPEN AN RRIF?
Anyone with an RRSP approaching age 71, or retirees who want a steady, tax-efficient income stream from money they've already saved.
An RRIF lets you keep your nest egg invested and growing while turning it into the paycheque that funds your retirement, without losing the tax shelter you spent decades building.
Ways to invest with an RRIF
Have your portfolio tailored to your goals
With Managed investing, we do the heavy lifting. Tell us your goals and timeline for your LIRA, and we’ll build you a custom portfolio with a wide range of assets across the market.
Independently trade stocks and ETFs
A Wealthsimple Trade account gives you total control over where your money is invested. Buy and sell over 14,000 stocks and ETFs commission-free, automate your investments, and start trading right away with up to $250,000 in instant deposits.
Simplified income for retirement
Set up in minutes
Convert your RRSP to an RRIF without bank appointments or paperwork. Set your withdrawal schedule in a few taps.
Get human help
Questions about your RRIF, minimum withdrawals, or income splitting? Our team is here to help. Just get in touch.
Keep more of your retirement savings
Low fees mean more of your hard-earned savings stay invested for the years ahead, not eaten up by your brokerage.
Video showing the Wealthsimple app's account transfer process.
Move your RRIF to us and we'll cover the transfer fees
We'll automatically reimburse the transfer-out fees charged by your brokerage when you move at least $25,000 to us. Conditions apply.
Even more ways to grow your wealth
Make your retirement savings work for retirement
Open your RRIF without any paperwork or visits to a bank, and start turning your savings into income today.