RIF or RRIF: Which One is Right for You?

Although they look similar, RIFs and RRIFs have different rules and regulations. Read more to find out which option is the best fit for you, now and for the future.

If you're planning for retirement, you might frequently come across the following abbreviations: RIF and RRIF.

RIF stands for Retirement Income Fund, which can be applied to many investment products you intend to use to fund your retirement, including things like mutual funds, personal investment accounts, and more.

RRIF stands for Registered Retirement Income Fund. These specific accounts follow a set of rules and regulations set out by the government.

RRIFs are registered with the Government of Canada, but they are administered by a financial institution, and you can have more than one if you choose. Money saved over time, such as RRSPs and other investments, is eventually transferred to a RRIF to be paid out as income. Payments are made based on a percentage of the account funds and are paid out until the fund runs out, or the recipient passes away (whichever comes first).

Don’t forget, you also have the option to self-direct your RRSPs instead of using a RRIF. Additionally, there are other retirement vehicles you can take advantage of and the best way to learn about them is by contacting us. Talk to your local branch or call our Member Solutions Centre if you have any questions. Our RRIF Calculator is also available to help you plan.