RRIF

Registered Retirement Income Fund (RRIF)

A RRIF is an investment plan, established in accordance with Government of Canada requirements, into which you can transfer registered funds (usually your RRSP) without tax liability to establish a source of retirement income.

Some RRIFs are similar to continuing an RRSP beyond age 71, with the exception that you must take some taxable income from the RRIF. You can choose any payment level, as long as the total each year is at least equal to the minimum annual amount. There is no maximum payment level.

Life Income Fund

A Life Income Fund (LIF) 1 is a retirement income plan using locked-in pension money and the owner of the LIF can control the investments held within the fund. In addition to the requirement for a minimum annual withdrawal (like a RRIF), LIFs also set a maximum withdrawal amount.

Your annual withdrawal must be within these minimum and maximum amounts as specified by legislation. In most provinces, when the LIF holder reaches age 80, the LIF must be converted into a life annuity.

Subscribe to RSS - RRIF
Carruthers Financial

Dealer

Mutual funds are offered through Investia Financial Services Inc. The particulars contained herein were obtained from sources which we believe reliable but are not guaranteed by us and may be incomplete. The opinions expressed have not been approved by and are not those of Investia Financial Services Inc. This website is not deemed to be used as a solicitation in a jurisdiction where this Investia representative is not registered.

Carruthers Financial - RIA Certified