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How a RRIF works:

Consolidate your RRSP accounts when you’re ready to start using your money and convert to a RRIF.
Convert your RRSP to a RRIF by the end of the year you turn 71—or sooner if you need the income. Your investments transfer directly and do not have to mature or be liquidated.
Set up scheduled withdrawals the year after you open your RRIF. This can be any amount, as long as you meet the minimum annual withdrawal as set out by federal regulations.
Report withdrawals as income on your tax returns. RRIF funds are taxable in the year you withdraw them.

Our knowledgeable advisors can help guide you through this process and provide advice on how much you may need to withdraw to supplement your other sources of retirement income.

RRIFs can be held in a variety of investments options, including Guaranteed Investment Certificates (GICs), mutual funds. portfolio solutions, and savings deposits. You can also hold stocks and bonds- See Wealth Options.

At what age can I convert RRSP to RRIF?

There is no minimum age required to purchase a RRIF.

Let Rocky Credit Union assist you in managing your retirement savings by consolidating or transferring your RRSPs to RRIFs when the time is right for you.

Ownership

You can open multiple RRIFs or convert all of your RRSPs into one RRIF.

A RRIF cannot be held jointly—government rules permit only individual accounts.

A RRIF cannot be opened under a business or trust name.

Know Your Retirement Income Options

You’ve planned ahead by saving for your retirement.

You’ve taken responsibility for your own financial future and you’re ready to enjoy all the leisure and opportunity available to you.

What do you do with your retirement savings?

There is a wide choice of retirement options.

Withdrawals

You must start taking withdrawals the year following the year you opened your RRIF. Conversion must be done by the end of the year that you turn 71.

You can choose your withdrawal amounts as long as you make the minimum annual withdrawal, which is a set percentage determined by the government. As you get older, this increases. See our RIF calculator to calculate your minimum withdrawal now.

You can set up your RRIF with monthly, quarterly, semi-annually or annual withdrawals.

RRIF funds count as taxable income in the year you withdraw them.

Contributions

Contributions are not allowed in RRIFs.

Only funds from an RRSP, another RRIF or certain types of pension plans can be transferred in.