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Registered Retirement Income Fund

What   Offers members the opportunity to build their own long-term financial strategy
Who   RRSP owners
Period   RRSP must be converted to RRIF by December 31st of the year you turn 71

The Registered Retirement Income Fund (RRIF) is a government registered income plan through which you obtain income during your retirement. Essentially, your fund savings plan (RRSP) is converted to an incoming generating plan (RRIF). 



  • If the RRSP is not converted to an RRIF, it is considered “deregistered” and the proceeds will be paid out as cash and fully taxed as income
  • The year after the plan is opened, an annual minimum payment must be taken out each year and is considered taxable income


Why it exists
This product allows for members to manage their retirement income. Members can benefit from the extreme flexibility of RRIFs, by making withdrawals as often as needed, over the minimum annual amount.



  • Each year, based on the Income Tax Act, Canada Revenue Agency (CRA) requires you to take out a minimum payment out of your RRIF.
  • This amount is determined at the beginning of every year by a calculation that uses your age, market value of the assets in your account as of December 31st of the previous year.
  • RRIF payments are considered taxable income in the year funds are withdrawn and will be added to your income for tax purposes.

Please visit the Canadian Revenue Agency website for further details http://www.cra-arc.gc.ca/


Deposit Security
At Sharons Credit Union, depositors are 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia.

CRA – RRIF more details