Registered Retirement Income Fund (RRIF)

What's a Registered Retirement Income Fund?

RRIF is a way to convert your retirement savings from RRSP into retirement income

What is it for?

By end of the year you turn 71, you’ll need to close your RRSP. Instead of cashing it out and facing a large tax bill, you can convert it into an RRIF, allowing you to take annual withdrawals and manage your tax impact over time.

How it works?

Once you open an RRIF, the government requires that you withdraw a minimum amount each year, which increases as you age. Any withdrawn amount is taxable income, but the remaining funds continue to grow tax-deferred. The flexibility allows you to choose how much to withdraw (above the minimum) depending on your financial needs.

Get to know the RRIF

For whom

For Canadians nearing 71, who need to convert RRSP to start retirement income

Benefit

RRIFs are flexible, allowing you to manage the timing and amount of your withdrawals

Tax

You'll pay taxes based on the amount you withdraw each year

Withdrawals

You can choose how often you want to withdraw (monthly, quarterly, etc.)

Withdrawals

Withdraw a minimum percentage of your RRIF based on your age

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Featured rates

Term	Interest rate
Savings	0.60%
1 year	3.05%
2 years	3.15%
3 years	3.15%
4 years	3.15%
5 years	3.30%

Download all rates in PDF

Simple process,
guaranteed returns

Please note!

Each application is unique with it’s own circumstances. For your individual case we advise you to speak to our Financial Services Officers

Plan the process ahead

It’s best to start the process a few years before you turn 71 to explore your options and avoid rushing last-minute decisions.

Schedule an appointment

Meet with a financial advisor to discuss RRIF options, tax impacts, and other retirement income strategies.

Submit your documents

To apply for RRIF, you’ll need:

Photo ID (e.g., driver’s license) and Social Insurance Number
Your credit history and credit rating (from Equifax or TransUnion)
Proof of enrollment in a full-time program (such as an acceptance letter or current student ID).
Information on your assets and debts, including any investments, loans, and credit card balances

Keep your plan updated

Regularly review your investment strategy and withdrawal plan to ensure your retirement income stays on track.

Please note!

Each application is unique with it’s own circumstances. For your individual case we advise you to speak to our Financial Services Officers

Plan your retirement
with an RRIF from BCU

Book an appointment

Questions? We got answers!

Browse more FAQs

What are common strategies for withdrawing from RRIFs?

Common strategies for withdrawing from a RRIF (Registered Retirement Income Fund) include taking a set percentage or fixed amount annually, which provides consistent income. Some prefer the minimum withdrawal requirement to preserve the principal for as long as possible and earn more interest, while others opt for larger withdrawals to meet their immediate needs. It’s important to balance your withdrawals with tax implications and long-term goals to ensure your funds last through retirement.

Can I base my RRIF withdrawals on my spouse or partner's age?

Yes, you can base your RRIF withdrawals on your spouse or partner’s age, which may allow you to reduce the minimum withdrawal amount. This can be beneficial if your spouse or partner is younger, as the minimum withdrawals are lower when calculated based on their age. This strategy can help preserve more of your RRIF funds for the future.

How much do I need to withdraw from my RRIF each year?

Each year, you must withdraw a minimum amount from your RRIF, which is based on your age (or your spouse’s age, if you choose). The minimum withdrawal is calculated as a percentage of your RRIF’s value at the start of the year. The percentage increases as you age, with the amount growing annually to ensure your RRIF is depleted by the end of your life expectancy.

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