Registered Retirement Income Fund (RRIF)
A Registered Retirement Income Fund (RRIF) is simply an extension of a Registered Retirement Savings Plan (RRSP). Where an RRSP is for accumulating savings for retirement, a RRIF is an account designed to distribute those savings to you in retirement.
A RRSP can be converted to a RRIF at any time, however it must be converted to a RRIF by no later that the end of the year you turn 71. Once a RRIF has been established, there is an minimum annual payment which must be paid out of the plan to you. The RRIF minimum is expressed as a percentage of the total funds within the plan, and is based on your age. At the time the RRIF is established, you may elect to base your RRIF minimum payments on your spouses age, if younger. There is no annual maximum that can be withdrawn from a RRIF and any payments received from the RRIF are fully taxable as income.
|
Table of RRIF Minimum Withdrawals |
 |
||||||
|
|
|||||||
|
Age |
|
Withdrawal |
|
Age |
|
Withdrawal |
|
|
65 |
|
4.00% |
|
83 |
|
9.58% |
|
|
|
|||||||
|
66 |
|
4.17% |
|
84 |
|
9.93% |
|
|
|
|||||||
|
67 |
|
4.35% |
|
85 |
|
10.33% |
|
|
|
|||||||
|
68 |
|
4.35% |
|
86 |
|
10.79% |
|
|
|
|||||||
|
69 |
|
4.76% |
|
87 |
|
11.33% |
|
|
|
|||||||
|
70 |
|
5.00% |
|
88 |
|
11.96% |
|
|
|
|||||||
|
71 |
|
7.38% |
|
89 |
|
12.71% |
|
|
|
|||||||
|
72 |
|
7.48% |
|
90 |
|
13.62% |
|
|
|
|||||||
|
73 |
|
7.59% |
|
91 |
|
14.73% |
|
|
|
|||||||
|
74 |
|
7.71% |
|
92 |
|
16.12% |
|
|
|
|||||||
|
75 |
|
7.85% |
|
93 |
|
17.92% |
|
|
|
|||||||
|
76 |
|
7.99% |
|
94 |
|
20.00% |
|
|
|
|||||||
|
77 |
|
8.15% |
|
95 |
|
20.00% |
|
|
|
|||||||
|
78 |
|
8.33% |
|
96 |
|
20.00% |
|
|
|
|||||||
|
79 |
|
8.53% |
|
97 |
|
20.00% |
|
|
|
|||||||
|
80 |
|
8.75% |
|
98 |
|
20.00% |
|
|
|
|||||||
|
81 |
|
8.99% |
|
99 |
|
20.00% |
|
|
|
|||||||
|
82 |
|
9.27% |
|
100 |
|
20.00% |
|
To learn more about Registered Retirement Income Funds (RRIF), please contact us.
