Registered Retirement Income Funds (RRIFs)

You’ve saved for your retirement and now you need an income. RRIFs allow you to draw an income while growing your savings tax-deferred. You only pay tax on the money you take out.

Under the current rules governing registered retirement savings plans (RRSPs), you must collapse these plans by the last day of the year in which you turn 71. This means you must convert your savings plan to a vehicle geared to provide income, such as an income plan or a life annuity. We offer many types of income options, depending on the type of registered plan you have used to accumulate your retirement savings:

• RRIFs – a common option for investors converting their RRSP to an income plan
• Life income funds (LIFs) – income options for investors with lock-in pension plans
• Locked-in retirement income funds (LRIFs) – income options for investors with locked-in savings plans
• Payout annuities – provide guaranteed, fixed income payments
• Prescribed retirement income funds (PRIFs) – for funds originating from locked-in RRSPs in Saskatchewan

RRIFs and payout annuities are the most common options.

By converting your RRSP to an income option, you keep your money growing while deferring income tax. You pay tax only on the income you receive from the income option.

Your financial security and investment representative can help you select the right type of policy for your retirement income plan.