How does an RRIF work (Registered Retirement Income Fund)?

RRIFs are created when the capital accrued in an RRSP is converted into retirement income.

An RRSP must be converted into an RRIF (or LIF) in the year that its owner turns 71, otherwise the RRSP will be wound up and be taxable at its full value in that year.

Investments can grow tax-free until withdrawal. The amounts you take out of the fund will be added to your annual income.

A minimum amount that varies with age must be withdrawn from an RRIF each year (see the Minimum withdrawal table).

There is no cap to the amount you can withdraw. You can also decide the payment frequency that suits you best.

Age at the beginning of the year	Minimum factors
71
71	5.28%
72
72	5.40%
73
73	5.53%
74
74	5.67%
75
75	5.82%
76
76	5.98%
77
77	6.17%
78
78	6.36%
79
79	6.58%
80
80	6.82%
81
81	7.08%
82
82	7.38%
83
83	7.71%
84
84	8.08%
85
85	8.51%
86
86	8.99%
87
87	9.55%
88
88	10.21%
89
89	10.99%
90
90	11.92%
91
91	13.06%
92
92	14.4 %
93
93	16.34%
94
94	18.79%
95 and more
95 and more	20.00%

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