Registered Retirement Income Fund (RRIF)
You set up a registered retirement income fund (RRIF) account through a financial institution such as a bank, credit union, trust or insurance company. Your financial institution will advise you on the types of RRIFs and the investments they can contain.
If you are considering this type of RRIF, be sure to consult your financial institution.
Once the RRIF is established, there can be no more contributions made to the plan nor can the plan be terminated except through
death. A registered retirement income fund (RRIF) is an arrangement between you and a carrier (an insurance company, a trust company or a bank) that we register. You transfer property to the carrier from an RRSP, a PRPP, an RPP, an SPP, or from another RRIF, and the carrier makes payments to you.
Transferring to your RRIF Usually, you can only contribute to a RRIF by directly transferring certain amounts you receive or are considered to have received.
You can have more than one RRIF and you can have self-directed RRIFs. You may want to set up a self-directed RRIF if you prefer to build and manage your own investment portfolio by buying and selling a variety of different types of investments. The rules that apply to self-directed RRIFs are generally the same as those for RRSPs. For more information about eligible investments, go to Self-directed RRSPs.
You can have more than one RRIF and you can have self-directed RRIFs. The rules that apply to self- directed RRIFs are generally the same as those for selfdirected RRSPs. For more information, see Self-directed RRSPs. You cannot transfer any part of your retirement allowance to a RRIF.
The minimum amount must be paid to you in the year following the year the RRIF is entered into. Earnings in a RRIF are tax-free and amounts paid out of a RRIF are taxable on receipt.
You can have more than one RRIF and you can have self-directed RRIFs. The rules that apply to self- directed RRIFs are generally the same as those for RRSPs. For more information, see Self-directed RRSPs. You can contribute to your RRIF by having property transferred directly from:
• your PRPP or unmatured RRSP;
Setting up a RRIF
• your matured RRSP, including a direct transfer of a commutation payment from your RRSP annuity; or
• an unmatured RRSP under which your current or former spouse, or commonlaw partner is the annuitant. For more information concerning this type of transfer, see Property from an unmatured RRSP. RSP DEADLINE
IS FEBRUARY 29, 2016