Enjoy tax-deferred growth as long as you can

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). You will be required to withdraw a minimum, taxable amount every year, but the rest of your money can keep growing without taxes.

Our Registered Retirement Income Fund (RRIF) lets you:

  • Set up regular withdrawals to help pay living expenses in retirement
  • Continue enjoying investment growth with no taxes on interest earned inside the account
  • Keep building your savings in secure, protected investments

1.25%
Retirement Income Advantage Account rate1

Is our RRIF right for you?

Yes, if you:

  • Have an RRSP
  • Are ready to start paying yourself from your registered savings
  • Want to keep earning tax-deferred interest
Couple holding hands.

Benefits of a RRIF

High-interest RRIF investment options

Rates

Our Retirement Income Advantage Account offers a high interest rate on all your money

1.25%
Retirement Income Advantage Account rate1

Guaranteed Investment Certificates (GICs)

Long-term GIC is not redeemable before maturity except upon death. Minimum $2,500 investment.

Short-term Deposits

Short-term GICs may be redeemed prior to maturity, but if you redeem a short-term deposit before maturity, we charge a $25 early redemption fee along with a rate reduction of 1.25%. If you redeem within the first 29 days, you forfeit all interest. Interest is prorated to the number of days. Refer to the GIC Confirmation for details.

 

Resources

Retirement income calculator

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

FAQ

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

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 – taxed at what will likely be a lower 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. You must be 18 years old to open a TFSA, but there is no maximum age limit for TFSAs.

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Get complete flexibility with a high-interest savings and chequing account

Choose a combined savings and chequing account with a high interest rate and free unlimited everyday banking transactions as long as you keep a minimum $1,000 balance. Bank anytime, anywhere through online and mobile banking and access your money at more than 3,700 ABMs across Canada.