Registered Retirement Income Fund

If you have accumulated savings that are not locked-in under pension legislation (such as money invested in a registered retirement savings plan (RRSP)), you can purchase a Registered Retirement Income Fund (RRIF). A RRIF is like an extension of your RRSP.  While your RRSP is used to put money into savings for your retirement, your RRIF is used to withdraw money to provide you with income once you are retired.
Like an RRSP, you choose the individual investments to hold in your RRIF.  A RRIF allows for tax-deferred growth of the investments.  A major difference between RRSPs and RRIFs is that once you convert your RRSP into an RRIF, you cannot make any further contributions and there are minimum withdrawal amounts that you must take out each year.  
An RRIF is only used to convert a regular RRSP. It is not an option for any locked-in savings you may have in a registered pension plan or that you have transferred from a pension plan to a locked-in retirement savings arrangement.  

The Canada Revenue Agency (CRA), not FCNB, regulates RRIFs.  For more information about RRIFs, visit CRA Registered Retirement Income Fund.

Before making any major decisions about your retirement savings options, be sure to talk to your financial adviser.

2017 © Financial and Consumer Services Commission