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Registered Retirement Income Fund (RRIF)

??We all know it’s good to contribute to an RRSP. But how does it work when the time comes to live off of it?

If you have an RRSP, you must decide what to do with money accumulated in the RRSP by the end of the year in which you turn 71. That’s when your RRSP matures—even if you feel you haven’t yet.

One of the most popular choices is to convert your RRSP into a RRIF. This lets you avoid incurring a large tax bill by cashing out the RRSP. With a RRIF, you continue to manage your investments as you did with your RRSP, and your money continues to accumulate tax free until it’s withdrawn. The only difference is you will start making annual withdrawals. While there are regulations governing the minimum amount you must withdraw, the actual amount will depend on a variety of factors. Don’t worry, our investment professionals are here to help you make the right investment decisions to help you relax and enjoy your retirement.

ATB’s RRIF investment products include GICs; mutual funds, stocks, and bonds—and even a specially designed savings account, the Daily Interest Savings Account.

RRIF features:

  • Just as with your RRSP, you are in control of your investment decisions—the types of investments held within the plan are up to you.
  • Because a RRIF is an investment vehicle that allows for continuing growth, it can provide protection against the erosion of your estate as you draw on the funds in retirement. Unlike an annuity, which provides a fixed benefit, your investments continue to work for you while held in a RRIF account.
  • It offers you flexibility. You can choose a RRIF now and an annuity later if you require other forms of income.
  • Each year, you must withdraw from your RRIF a minimum amount determined by your age. You can withdraw any amount over the minimum, offering you the flexibility to meet unforeseen expenses or financial emergencies. Amounts withdrawn in excess of the minimum amount will be subject to withholding tax at the same rates applicable to RRSP withdrawals.?


Semi annual interest frequency is only available as simple interest and cannot be compounded. 1Rate effective January 2, 2013 and is non-redeemable. Rates are subject to change at anytime without notice. Please see branch for complete details.??????
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