Canada Post service disruption. Learn more

Main Content


A Registered Retirement Income Fund (RRIF) lets you convert your retirement savings into retirement income. With a RRIF, your money continues to grow tax sheltered until you make withdrawals.

Is an Empire Life RRIF for you?

If you are retired and want to maintain control over your investments, converting your Registered Retirement Savings Plan (RRSP) to a RRIF may be the best solution for you.

How RRIFs work

By the end of the year you turn 71, you must close your RRSP. You have three options at that point:

  • Transfer your investments to a RRIF
  • Use the funds to buy an annuity
  • Cash in your investments and claim the entire amount as income

Although you can set up a RRIF before you turn 71, you cannot make contributions to a RRIF. It is designed to be a source of income when you retire.

Canada Revenue Agency prescribes a minimum amount you must withdraw from your RRIF every year. The amount is based on the value of your account at the beginning of the year and your (or your spouse's) age.

Key Features and Benefits

Withdrawal amounts to meet your needs
Once you withdraw your required RRIF minimum, you have the freedom to take out any additional amount, provided your plan is not locked-in under pension legislation*. This gives you the flexibility to adjust your income to match your retirement needs. 

Keep in mind that any withdrawals are added to your income in the year withdrawn.

Investment solutions to meet your needs
With a RRIF from Empire Life you have a choice of investments to meet your needs

Get an Empire Life RRIF working for you

To find out more about RRIFs and the investment choices from Empire Life, talk to your advisor.

* If your plan is locked-in, maximum income rules will apply based on the legislation of the jurisdiction under which your funds are administered.