Registered Retirement Income Fund (RRIF)

An RRIF differs from an RRSP, as you are no longer contributing towards retirement, and you are now withdrawing the funds as part of your annual income. There is no minimum age required to convert your RRSP into a RRIF, although it must be done by the end of the calendar year in which you turn 71. Upon withdrawing funds from your RRIF, it is treated as earned income and tax will be deducted automatically and remitted to the Canada Revenue Agency on your behalf.

For more information, read our Retirement Services brochure, contact us at 250-562-5415, come into one of our branches, or click here for our most recent RRIF rates.