Skip Header Navigation

Enjoy the income from your savings with an RBC Royal Bank® RRIF.

You've spent years saving for your retirement. Now, you can enjoy the benefits of these savings to help maximize your retirement income. Like a Registered Retirement Savings Plan (RRSP), a Registered Retirement Income Fund (RRIF) lets you continue to benefit from tax-deferred growth on your savings—plus convenient and flexible access to your money as you need it throughout retirement.

Key Features and Benefits of an RBC® RRIF

  • Tailored Advice. Whether you need to open a RRIF or are seeking advice about assets in an existing RRIF, an RBC advisor can help you maximize your retirement income through tax-efficient planning.
  • Tax-Deferred Growth. While you cannot make contributions to a RRIF, your retirement nest egg can continue growing on a tax-deferred basis.
  • Control Over Your Income. You can make withdrawals as often as you like and withdraw more than the minimum annual amount required by the Income Tax Act.
  • Flexible Investment Options. Choose from RBC Funds, Guaranteed Investment Certificates (GICs) and RBC Savings Deposits.
  • Tax-Free Transfer to Spouse. If you pass away, your RRIF assets can be transferred to your spouse–tax-free.

Quick Facts about RRIFs

  • You must convert your RRSP to a retirement income option like a RRIF no later than December 31 of the year in which you turn 71.
  • The Income Tax Act requires that you take minimum payments out of your RRIF each year—this amount is determined at the beginning of each year.
  • RRIF payments are considered taxable income in the year they are withdrawn and will be added to your income for tax purposes.

Calculate Your Income from a RRIF, LIF or LRIF

Estimate what your minimum annual payment could be:

 

Have a Locked-in Retirement Account (LIRA) or Locked-in RRSP? An RBC advisor can explain your options for converting these types of plans to an appropriate fund such as a Life Income Fund (LIF), a Restricted Life Income Fund (RLIF), a Locked-in Retirement Income Fund (LRIF) or a Prescribed Retirement Income Fund (PRIF).

Contact Me



Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.

 

Download a RRIF Factsheet

Your factsheet will include details on:

  • Considerations for when and how much to withdraw
  • Calculating your minimum payment
  • Converting an RRSP to a RRIF

Get a Free RRIF Factsheet