I have a few RRSPs, should I convert each one to a RRIF?

A convenient approach is to convert all your RRSPs into one single RRIF. This will be more convenient for you to manage your minimum annual payments.

What if I am still earning money when I open a RRIF?

This will have no impact on your RRIF. You will not be able to contribute additional money to your RRIF but you may be able to reduce your taxes by making contributions to your RRSP as long as you are under the age of 71 and have unused RRSP contribution room available.

Are there foreign content restrictions on the investments in my RRIF?

No. You may hold any amount of qualified foreign investments in your RRIF.

Do I have to withdraw money from my RRIF right away?

In the first year that your RRIF is opened, you are not required to make a mandatory withdrawal.

What withdrawal options do I have with a RRIF?

A RRIF from RBC can be established with monthly, quarterly or annual payments to suit your needs.

Can I put money from my regular savings account into my RRIF?

The only funds that can go into a RRIF must come from an RRSP.

I don't need the money from my RRIF. Do I still have to make those minimum withdrawals?

Even though you may not need the funds, government regulations state that minimum withdrawals are required. However, you may want to consider contributing any excess RRIF payments you don't need to a Tax-Free Savings Account (TFSA) as long as you have contribution room available in your TFSA.

What happens to the funds in my RRIF when I die?

The funds become taxable income on the date of your death unless you have a spouse or children or grandchildren under the age of 18 who were financially dependent on you at the time of your death. In those cases, the funds in your RRIF can be transferred to their RRSP or RRIF. Different rules apply for different beneficiaries so you should speak to your RBC advisor.

I have a Locked-in Retirement Account (LIRA) with money transferred from a pension plan from a former employer. Can I convert this to a RRIF?

There are special options available for converting pension funds in a LIRA or locked-in RRSP. An RBC advisor can explore your retirement income options, which may include transferring the funds to a Life Income Fund (LIF) or Prescribed Retirement Income Fund (PRIF).