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The rules for Registered Retirement Income Funds (RRIFs) and your withdrawals can be complex. An RBC^® advisor can review your goals and help you choose the retirement income options that are right for you.

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Who Qualifies

If you own an RRSP, you can convert it to a RRIF to start drawing an income for retirement. You have until December 31 of the year you turn 71 to convert to a RRIF. If you need the income before age 71, you can convert sooner.

Locked-in Accounts

If you have a Locked-In Retirement Account (LIRA) or Locked-In RRSP, you can convert to a Life Income Fund (LIF), Locked-In Retirement Income Fund (LRIF) or Prescribed Retirement Income Fund (PRIF), depending on the province you live in.

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Once you have set up a withdrawal method, make sure that it is selected in the dro p-down menu, then enter the amount that you want to withdraw followed by your Spinnup password. It normally takes 3-5 business days before the money reaches your account.
Players’ balances consist of both a bonus and a cash account, and before he or she is able to withdraw any money from the bonus account, Spin Palace casino games will need to be played. Players will need to make bets to a certain value at the casino before any winnings become accessible.

The rules for LIFs, LRIFs and PRIFs may vary from the information on this page. For guidance on your situation, talk to an RBC advisor.

Ownership

You can open multiple RRIFs or convert all of your RRSPs into one RRIF.
A RRIF cannot be held jointly—government rules permit only individual accounts.
A RRIF cannot be opened under a business or trust name.

Withdrawals

You must start taking withdrawals the year following the year you opened your RRIF.
You can choose your withdrawal amounts as long as you make the minimum annual withdrawal, which is a set percentage determined by the government. As you get older, this percentage increases. Calculate your minimum RRIF withdrawal now.
You can set up your RBC RRIF with monthly, quarterly, semi-annually or annual withdrawals.
RRIF funds count as taxable income in the year you withdraw them.

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Contributions

Contributions are not allowed in RRIFs. Only funds from an RRSP, another RRIF or certain types of pension plans, such as a registered pension plan (RPP), specified pension plan (SPP) or deferred profit sharing plan (DPSP), can be transferred into a RRIF.

Investment Options

Although you can’t make contributions, you can change the investments you hold in your RRIF. An RBC RRIF can hold a variety of investments, including Guaranteed Investment Certificates (GICs), mutual funds, portfolio solutions and savings deposits. You can also hold stocks and bonds through RBC Direct Investing™ and RBC Dominion Securities.

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Impact on Government Benefits