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RRIFs 101

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A brief look at one of the most flexible and tax-effective ways of generating income in retirement.

RRIFs 101

How RRIFs work

A Registered Retirement Income Fund (RRIF) is an account registered with the federal government that gives you a steady income in retirement. Before, you were putting money into your RRSP to accumulate savings for retirement. Now, you withdraw that money from your RRIF as retirement income.

RRIFs 101

How RRIFs work

You can open a RRIF anytime, but no later than the end of the year you turn 71.

RRIFs 101

How RRIFs work

You open a RRIF by transferring money from your RRSP. Transfers from other registered plans like pension plans and DPSPs are allowed under certain circumstances.

RRIFs 101

How RRIFs work

Once the RRIF is set up, you can’t make any more contributions to the plan. However, you can have more than one RRIF.

RRIFs 101

How RRIFs work

You choose the types of investments to hold in a RRIF. Examples: GICs, mutual funds, ETFs, segregated funds, stocks and bonds.

RRIFs 101

Where to open a RRIF

• Banks and trust companies
• Credit unions and caisses populaires
• Insurance companies
• Mutual fund companies
• Investment firms

RRIFs 101

Key point

You must take out a minimum amount from your RRIF each year. This amount increases as you get older. There is no maximum withdrawal limit. If any money is left in your RRIF when you die, it will go to your named beneficiaries or to your estate.

RRIFs 101

Learn more about RRIFs on GetSmarterAboutMoney.ca

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