CWB Canadian Western Financial

Retirement income

Helping you enjoy what you saved for

Retired couple
  • A registered retirement income fund (RRIF) is an extension of your registered retirement savings plan (RRSP). But instead of making contributions, you make withdrawals.
  • A RRIF is used to supplement your income during your retirement years, and help you get the most out of your other savings.
  • Withdrawals are mandatory but can be on a frequency of your choice.
  • An RRSP must be converted to a RRIF by the end of the year in which you turn 71.
  • If you retire early, an RRSP can be converted to a RRIF at any time.
  • What isn’t withdrawn stays invested, giving you further opportunity for investment growth.
  • Withdrawals can be made as often as needed, allowing you to control your income.
  • The Canada Revenue Agency (CRA) requires that a minimum payment be taken annually.
  • Withdrawn/payment amounts are considered taxable income at the time the withdrawal is made.
  • The balance within your RRIF continues to be invested tax-free until withdrawn.
  • A spousal RRIF works in the same way. 
  • An LRIF is created by the transfer of a registered pension plan that has been converted to a registered retirement income fund.
  • Funds within the plan are made up of employee contributions, employer contributions or a combination of both.
  • Funds are not available for withdrawal until you retire or reach a specified age.
  • Life income fund (LIF)
  • Prescribed retirement income fund (PRIF) - Saskatchewan only

For more information about the LIF and PRIF, please contact a representative at Canadian Western Financial at one of our CWB branch locations.