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RRIFs and LIFs

Why Do I Need a RRIF or LIF?

When you are ready to convert your Registered Retirement Savings Plan (RRSP) into income, but don't want to use it right away, a Registered Retirement Income Fund (RRIF) and a Life Income Fund (LIF) are good ways to hold the funds, grow your investment and continue to defer taxes until you are ready to withdraw. Although you can convert your RRSP into income anytime, government legislation requires you to choose a retirement income option by December 31 of the year in which you turn 71.

What is a RRIF?

If you want to have complete control over how your RRSP savings are invested once you are ready, or required, to convert your RRSP assets in to income, then a Registered Retirement Income Fund (RRIF) is the retirement income vehicle for you. It is flexible and adaptable to your needs, even if they change over time.

Your investments stay tax-sheltered — you only pay taxes on the payments you receive each year, giving you ongoing tax deferral on your investment as it continues to grow within your RRIF. While there is no limit on the amount you may withdraw, the government requires an annual minimum withdrawal amount

Minimum RRIF Withdrawals

Starting in the year after your RRIF is established, you have to be paid a yearly minimum amount. The minimum withdrawal from a RRIF is based on the value of the assets in the plan on January 1 of each year multiplied by a percentage factor. The percentage factor is based on your age at the beginning of the year (or the age of your spouse or common-law partner if you elected to base the minimum withdrawals on their age when the RRIF was established).

Age	%	Age	%	Age	%	Age	%	Age	%	Age	%
65	4.00	70	5.00	75	5.82	80	6.82	85	8.51	90	11.92
66	4.17	71	5.28	76	5.98	81	7.08	86	8.99	91	13.06
67	4.35	72	5.40	77	6.17	82	7.38	87	9.55	92	14.49
68	4.55	73	5.53	78	6.36	83	7.71	88	10.21	93	16.34
69	4.76	74	5.67	79	6.58	84	8.08	89	10.99	94	18.79
69	4.76	74	5.67	79	6.58	84	8.08	89	10.99	Over 95	20.00

What is a LIF?

A Life Income Fund (LIF) or, in some provinces, a Locked-In Retirement Income Fund (LRIF) are other options where you convert your Locked-In Retirement Account (LIRA) or Locked-In RRSP, much like a RRIF. Similar to a RRIF, you must withdraw a minimum amount from your LIF each year but unlike a RRIF, there is a limit placed on the maximum amount you can withdraw each year. The aim of this legislated amount is to help ensure that the LIF provides income for life.

Set your course for a brighter future

Invest in an individual retirement account as part of your long-term financial plan. Individual retirement accounts (IRAs) may provide a tax-advantaged way for you to save for retirement, and can be a good choice if you're self-employed.

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Cashable RRSP GICs

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NexRise Heritage Flexible RRSP GIC™

A 1 year GIC with the ultimate flexibility. Enjoy guaranteed returns with the freedom to access your money when you need it.

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Non-redeemable RRSP GICs

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NexRise Heritage Bonus Rate RRSP GIC

Earn guaranteed interest at a great rate that won't change over your term.

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Index-linked RRSP GICs

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NexRise Heritage Market Linked GICs

A GIC for investors that want the growth potential of a market-linked return, but also want full protection of their principal. 3 and 5 year investment terms are available.

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Registered Retirement Savings Plan (RRSP) Options

Retirement Income Options

Tax Free Savings Account (TFSA) Options

Explore the stages of life and retirement planning

Retirement Income Options

RRIFs and LIFs

Why Do I Need a RRIF or LIF?

What is a RRIF?

What is a LIF?

Set your course for a brighter future

NexRise Heritage RRSP GICs