Registered Retirement Income Funds (RRIF)

Turn your retirement savings into retirement income.

A RRIF is a federally registered account that provides you with a steady stream of income that you can continue to draw on during retirement. It is essentially a continuation of your RRSP and functions in much the same way, however, you can only make withdrawals and can no longer make deposits with a RRIF.

How to make the most of your RRIF

Know your minimum withdrawal amounts

Minimum withdrawal amounts change each year. The minimum at 60 is 3.33%. However, it increases each year until you turn 95 -- when the minimum increases to 20%.

Anticipate major withdrawals

If you expect requiring a large sum of money in the future, plan accordingly and regularly withdraw funds ahead of time. While there are no penalties for withdrawing over your limit, there will be tax implications.

Investments you can hold in your RRIF account

Investments held inside a RRIF grow in a tax-deferred manner just as with a RRSP. There are two primary differences between a RRSP and a RRIF. The first is that no further contributions can be made once conversion to a RRIF has occurred. The other is a special functionality called a minimum RRIF withdrawal.

  • GICs:  Guaranteed investment certificates protect your initial investment, so you’ll get that money back at the end of the set term. Plus, you can count on a guaranteed rate of return, depending on the GIC you pick.
  • Bonds:  Bonds are a fixed-income investment, meaning they provide a set interest payment on a regular schedule to investors, allowing you to invest with a predictable return.
  • Mutual Funds:   We have a comprehensive selection of professionally managed mutual funds that can be a great fit in your RRIF. Design the portfolio that works for your goals and how much risk you’re comfortable with.
  • ETFs:   Exchange traded funds, like stocks, can be traded on financial exchanges. ETFs are made up of several assets, similar to a mutual fund– making them a diverse investment option.

A minimum RRIF withdrawal is an annual obligatory amount which is cashed out of a RRIF and sent to the account-holder without withholding tax. The withdrawal remains taxable income, but is eligible for a tax credit to reduce federal income tax by 15% of the first $2,000 withdrawn, if the holder is 65 years or older. In most provinces, a tax credit is also available to reduce provincial income tax.

Convert your savings into flexible retirement income

Access your money when you need it, for whatever you need it for in retirement.

Tax-efficient growth

You don’t pay tax on money in your RRIF, as long as it stays there. This includes any growth on your investments inside the RRIF.

Flexible income

There's no maximum withdrawal and you decide when you’ll receive it.

Invest how you like

You can choose to invest your money in mutual funds, segregated funds and more.

Why invest your money in a RRIF

A RRIFis right for you if you want your savings to provide income during retirement, while giving you flexibility in managing your retirement finances.
When it's time to retire, you can transfer money from your RRSP to a RRIF, usually on a tax-deferred basis. RRIFs are designed to give you regular income payments during your retirement years.

* RRIFs have important withdrawal rules. You have to withdraw a minimum amount from your RRIF every year, and to avoid extra fees, you also have to ensure you have enough money available in your account to make any additional withdrawals.

Building your RRIF

Guaranteed Investment Certificates (GICs)

A worry-free investment product that keeps your principal investment safe and has a guaranteed rate of return. 

Savings Accelerator Account

Earn a competitive interest rate on your money as it grows, with no monthly account fee. 

 

Available in registered§ and non-registered plans.

BristolFunds® Portfolio Solutions

Our Portfolio Solutions offer a diversified mix of mutual funds in the convenience of single investment to help you grow your savings while carefully managing risk.  Whether you are seeking regular income or long-term growth, there’s a portfolio solution designed to help you achieve your goals.

Mutual Funds

Mutual funds deliver instant diversification and professional money management in a cost-effective and convenient solution.

Non-restrictive withdrawal options

Withdraw a lump-sum amount

Change the amount of your withdrawals as your needs change

Change the frequency of your withdrawals to either monthly, quarterly, semi-annually or annually

1
If the Dealer of your Bristol RRIF is Bristol Credit, funds in the cash portion of your account are eligible to be insured by the Canada Deposit Insurance Corporation. If the Dealer of your Bristol RRIF is Bristol Securities Inc.(SSI), funds in the cash portion of your account are held in trust by SSI. SSI accounts, except accounts held by residents of Quebec, are eligible for protection by the Mutual Fund Dealers Association of Canada Investor Protection Corporation. The cash in an SSI account is not eligible for deposit insurance offered through the Canada Deposit Insurance Corporation.
2
The government requires that everyone with an RRSP, including Locked-in Retirement Savings Plans (LRSPs) and Locked-in Retirement Accounts (LIRAs), convert to one or more retirement income sources by December 31 of the year they turn 71.

Bristol Global Asset Management is a business name used by 1832 Asset Management L.P., a limited partnership, the general partner of which is wholly owned by Bristol Credit bank.

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™ Trademark of Bristol Credit, used under licence.