When it’s time for your registered retirement savings plan (RRSP) to retire – no later than the end of the year you turn 71 – you don’t have to give up tax-deferred investment growth. Simply turn your RRSP into a registered retirement income fund (RRIF) with high-interest cash savings or guaranteed investment certificates (GICs).

You'll be required to withdraw a minimum amount every year, though you can take more if you need it. Keep in mind that withholding tax will apply to any amount greater than the annual minimum. The rest of the money in your RRIF keeps growing without taxes.

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Retirement Income Advantage Account rate1

A Manulife Bank RRIF offers competitive rates on all your money.

Retirement Income Advantage Account

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Retirement Income Advantage Account rate1

Long-term GICs2

Short-term GICs2

Fees

With our Retirement Income Advantage Account, there are no fees to open an account, or withdraw funds. Please review our services and fee guide for a complete list of all services and associated fees.

No fees for long-term GICs.

Short-term GICs may be redeemed prior to maturity but interest is forfeited if redeemed within 29 days. If redeemed on or after 30 days but before maturity, a 1.25% reduction in interest rate will apply. Interest is prorated to the number of days. A $25 early redemption fee will also be charged. Refer to the GIC Confirmation for details.

Retirement income calculator

Find out how long your savings will last in your Retirement Income Fund.

An RRSP is meant as a savings account to help build your wealth for retirement, and a RRIF is an account that allows you to take your RRSP money and convert it to serve as a source of income in your retirement.

Each year, you must withdraw a percentage of the value of your plan. The percentage increases as you get older. Keep in mind that when you set up your RRIF, you can choose to base minimum withdrawals on you or your spouse’s age.

If your spouse is younger, basing withdrawals on their age means you can keep more money inside your RRIF longer, where it can continue earning tax-deferred interest.

Learn more about RRIFs and withdrawal rates set by the Government of Canada.

No, you can convert your RRSP into a RRIF at any age – but you must do it no later than the end of the year you turn 71.

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Build a secure future with a Registered Retirement Savings Plan (RRSP)

Get a tax-deduction for your contribution and enjoy tax-deferred investment growth as long as your money remains inside your RRSP. When you’re ready to retire, you can withdraw your money – likely at a lower tax rate – to help support your retirement lifestyle.

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Save for any goal with a Tax-Free Savings Account (TFSA)

Build your savings faster in an account that doesn’t tax the growth on your investments and doesn’t tax withdrawals. A TFSA can help you save towards a major purchase, a new home, your retirement or a “rainy day” emergency fund. 

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Get flexibility with a high-interest savings and chequing account

Earn the same high interest on every dollar of your combined savings and chequing Advantage Account, and get free unlimited everyday transactions when you keep a balance of just $1,000.