Three older men share a laugh with arms around each other’s shoulders while on a picturesque street. One holds a travel mug, one a camera, the other a cell phone.


Retire smart, retire happy.

When you turn 71, you have to convert your RRSPs. That’s when a Registered Retirement Income Fund (RRIF) can help you to make the most of your retirement. A RRIF gives you total control over your retirement funds and lets you withdraw them at any time.

Talk to an advisor

What’s a RRIF?

The next logical step for your RRSP.

There are potential rewards transferring your RRSP to a RRIF. As your RRSP matures when you turn 71, a RRIF is designed to pay you income throughout your retirement while serving as both a tax shelter and a continued growth investment.

Boost your savings, tax-deferred.

The Laurentian Bank RRIF provides retirement income while your investments grow tax-free. Make withdrawals according to your needs, keeping in mind the annual minimum withdrawal requirement and that all withdrawals from a RRIF are taxable as income.

Here's how it works.

No age limit.

RRIFs don’t have a minimum age requirement. However, you need to convert your RRSP to a RRIF by December 31 of the year you turn 71.

No impact on your investments.

An RRSP transfer to a RRIF doesn’t affect your investments or their interest rates or maturity dates.

Flexible periodic income.

In retirement, a RRIF can provide regular income with flexible monthly, quarterly, semi-annual or annual payments. The income you receive from your RRIF is added to your annual income in the year it’s received.

Annual minimum withdrawal.

You don’t have to make a withdrawal in the year your RRIF is set up. However, you’re required to make the minimum withdrawal amount every year after that. The amount is based on your age, or that of your spouse, and on the year-end balance. Check out how your savings converts into steady income with Canada Revenue Agency’s RRIF chart

Withdraw your funds any time.

Your RRIF lets you withdraw as much as you need and at any time over and above the minimum withdrawal requirement, but remember, all withdrawals are fully taxable.

Designate a beneficiary.

A RRIF lets you designate a beneficiary in the event of the annuitant’s death. For couples, the funds can be transferred to the surviving spouse's RRSP or RRIF.

RRIF lowdown.


The details

Account conversion

If you wish to convert your RRSP to a RRIF, the process must be completed before December 31 of the year you turn 71. There’s no minimum age for converting your funds.


Term deposits, fixed-rate GIC, ActionGICs, mutual funds.


You can’t make contributions to a RRIF. Only funds from an RRSP can be transferred to a RRIF.

Minimum withdrawal

• Your minimum withdrawal amount is determined by your age, or that of your spouse, and your year-end RRIF balance. The RRIF balance is multiplied by a percentage based on you or your spouse’s age to calculate the minimum amount.

• Based on the age of the youngest between you and your spouse, the minimum amount will be lower. That means your taxable income will be less and your remaining savings in your RRIF will be tax-sheltered.

• The minimum withdrawal isn’t mandatory during the first year of the RRIF. 

• There’s no tax deduction at the source for the minimum amount, but all other income over the minimum amount will be taxed at the time of withdrawal.

For more information, visit the CRA website.

Maximum withdrawal

No limit.

Helpful tips and resources.

Your questions answered.