Registered Retirement Income Funds (RRIFs)

Draw on your RRSPs to make the most of your retirement

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RRIFs at a glance

What is a Registered Retirement Income Fund (RRIF)?

A RRIF is a registered plan that acts as an extension of your RRSP. When you retire, funds from your RRSP are transferred to a RRIF.

You can then make withdrawals, which are considered taxable income. The main advantage of a RRIF is that the remaining balance continues to grow tax-free.

Useful if you’re looking to:

  • Convert your RRSP to a source of retirement income
  • Let your investments grow tax-free ahead of your retirement
  • Withdraw the balance in part or in full at any time
  • Transfer your assets to your spouse tax-free on your death

Maximum age

71 years

You must convert your RRSP to a RRIF no later than December 31 of the year you turn 71. If you don’t, the government will close your RRSP. Your RRSP savings will then be considered taxable income.

Tip

Are you over 71? Invest retirement income that you don’t need right away in a TFSA to continue saving.

Minimum annual withdrawal

Varies depending on your age

The government requires you to make a minimum withdrawal from your RRIF each year. The minimum percentage is based on your age. You can make withdrawals as often as you like.

Tip

Is your spouse younger than you? When you first open your RRIF, use their age rather than your own to calculate your minimum withdrawal, to defer paying taxes for longer.

Withholding taxes

At source

RRIF withdrawals that exceed the minimum withdrawal amount are added to your taxable income. This means that they are subject to withholding taxes at source.

Tip

Looking to maximize your tax refund? Read our advice on reducing your tax bill in retirement.

How to open an RRIF account at National Bank

If you’d like to start investing, there are two solutions available to you.

Visit a branch

If you need support, speak with one of our advisors to find the solution that best suits your needs.

Open an online brokerage account

Are you a self-directed investor? Fill out the secure online form to start contributing to your RRIF account.

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Tip

Approaching retirement? It’s time to max out your RRSP and TFSA contributions.

Our investment products for your RRIF

Grow your RRIF by investing your money in investment products that match your goals.

Guaranteed Investment Certificate (GIC)

Ideal if you’re looking for a secure investment that offers a pre-determined return.

Discover our GIC

Portfolio Solutions

Ideal for investing in a full, diverse ronge of mutual funds.

Discover our portfolios

Funds

Ideal for selecting one or more funds based on your investment strategy and targeted returns.

Discover our funds

Another great option

TFSA

Earn tax-free interest on your savings and access your funds any time.

See our TFSAs

See all our solutions

Ready to talk about retirement?

Speak to an Investment and Retirement Specialist to find the solution that's right for you.

Make an appointment
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1-888-270-3941
Monday to Thursday,8 a.m. to 6 p.m. (ET)
Friday, 8 a.m. to 5 p.m. (ET)

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Terms of use
National Bank’s virtual assistant

When using our Virtual Assistant Service (the "Chatbot"), you accept these Terms of Use, which are subject to change without notice. Furthermore, you agree to consult these Terms of Use from time to time and acknowledge that your continuing use of the Chatbot means that you have accepted any changes that may have been made. Your continued use of the Chatbot means that you’ve read, understand and agree to these Terms of Use, the Terms of Use for our website, our Online transaction services, and to our privacy policy. You also understand any other agreements that you have with us will continue to apply when you use the Chatbot.

1. Our Services and your responsibilities

The Chatbot is an automated service which is integrated into our online banking platform.

The Chatbot is preprogrammed to answer general questions concerning the use of our online banking platform solely for informational purposes. The Chatbot is not able to answer questions on personal monetary transactions or products you hold with us.

By using the Chatbot, you understand and agree that:

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  • The Chatbot may not be able to answer all your questions. Therefore, it may not be able to provide you with the information you require. You must judge whether the answer provided responds to your question accurately. In the case of uncertainty, a customer service representative would be happy to help you. You can call us toll free at 1-888-483-5628 or 514-394-5555.
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You acknowledge that we won’t be liable for any losses or damages that you may suffer as a result of your use of the Chatbot, including if the Chatbot is unavailable for any reason.

We cannot guarantee that the results obtained via the Chatbot will be accurate and reliable and that the answers provided will meet your expectations.

We will not be held liable for damages you incur as a result of:

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You have requested that these Terms of Use, and related documents be drawn up in English.

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These Terms of Use are governed and must be interpreted in accordance with the laws in force in the province or territory where you reside. If you reside outside Canada, the laws in force and the courts of competent jurisdiction are those of the province of Quebec.

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