A Registered Retirement Investment Fund (RRIF) is a great way to earn an income from your investments after you retire. It's a bit like a Registered Retirement Savings Plan (RRSP) in reverse. Here's how it works: you contribute funds to an RRSP before you retire, where they can grow, tax-sheltered. Then when you retire), you convert your RRSP to a RRIF. You can't contribute to a RRIF, but you can draw an income from it while your investments can continue to grow, tax-sheltered.

How does a RRIF work?

The simple answer is that a RRIF lets your investments grow tax-sheltered, even while you draw a retirement income from the account. You convert your RRSP into an RRIF when you retire, and you must convert before the end of the year you in which you turn 71. You can manage your RIFF investments just like you did with your RRSP. Pay yourself as much as you want from your RRIF, on any schedule — monthly, semi-annually, or annually — or even as occasional lump sums. You do have to withdraw a minimum amount every year. Withholding tax doesn't apply to the minimum amount.

How much do I have to withdraw from my RRIF?

The minimum changes with your age. If you're 65 on January 1 of this year, your minimum rate is 4% of your RRIF's total value. If you're 71, it's 5.28%. If you have a younger spouse, you can use their age.

Are RRIF withdrawals taxable?

Yes, RRIF withdrawals are taxable income, and amounts above the annual minimum are subject to withholding tax.

What kind of investments can I have in a RRIF?

You can have the same mix of investments in a RRIF as you would in an RRSP — cash, GICs, Mutual Funds, publicly traded stocks, corporate and government bonds... whatever works for you.

Can I have more than one RRIF?

Sure, you can have as many RRIFs as you like. But keep in mind you'll have to apply the minimum withdrawal rule to all of them. Most people prefer to have one rather than several, because there's no real advantage to having more than one.

Registered Retirement Income Funds

Earnings in your R R I F are tax-sheltered
Withdraw as much as you need from your R R I F each year
Easily consolidate all Registered Retirement Savings Plans into one R R I F in retirement

Get up to $3,500.

Transfer your registered investments to BMO Mutual Funds and get up to $3,500footnote star.

Get up to $3,500 when you transfer your investments to BMO Mutual Funds.^*

table showing the customer bonus at different investment tiers
Invest	Bonus
$8,000 - $49,999	$150
$50,000 - $99,999	$300
$100,000 - $249,999	$500
$250,000 - $499,999	$1,000
$500,000 - $999,999	$2,000
$1,000,000+	$3,500

Invest with BMO and get all-in-one advice for your portfolio and financial plan. Talk to a BMO investment professional to opt into this offer and claim your bonus today.

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^*Terms and conditions apply

Why invest in an R R I F?

Tax-sheltered earnings
Your earnings are all tax-sheltered – so they can continue to grow, similar to how they would in an R R S P.
Flexibility
Withdraw as much as you need from your R R I F each year, above the yearly minimum
Simplicity
When you are ready to convert to a R R I F you can consolidate all of your R R S P accounts, even if they aren’t held with B M O.

Registered Retirement Income Funds by the numbers

71:

5.28%:Minimum annual withdrawal amount at the start of the year following your 71st birthday

0%:Tax withheld on your minimum annual withdrawal amount

How to make the most of your R R I F

Be strategic with your withdrawals

If you minimize withdrawals, you’ll pay less in taxes. Keep in mind minimum withdrawal requirements each year, though.

Know your minimum withdrawal amounts

Minimum withdrawal amounts change each year. The minimum at 60 is 3.33%. However, it increases each year until you turn 95 -- when the minimum increases to 20%.

Check out the withdrawal rates below:

chart showing the minimum withdrawal amounts based on your age as of January 1
Age as of January 1	Annual Minimum Withdrawal Rates
Age as of January 1	Annual Minimum Withdrawal Rates
60	3.33%
65	4%
70	5%
75	5.82%
80	6.82%
85	8.51%
90	11.92%
95+	20%

Anticipate major withdrawals

If you expect requiring a large sum of money in the future, plan accordingly and regularly withdraw funds ahead of time. While there are no penalties for withdrawing over your limit, there will be tax implications.

Take advantage of our savings account rates

On top of everything else a can do for you, here’s another great reason to start: Great rates and offers to help you make real financial progress right from the start. It’s easy to get started today.

Tools and resources

RRIF calculator
Calculate what your R R I F payments might look like in retirement.
RRIF tax payment information
Everything you need to know about R R I F taxes.

Learn more about R R I Fs and investing with B M O

SmartFolio: The smart solution for your RRIF

See how a R R I F account works with SmartFolio.

What is a RRIF?

You've worked hard to put money into your RRSP. Find out how to keep your retirement funds working for you with a RRIF.

How to invest like a pro

Investing like a pro doesn’t have to be complicated.

R R I F frequently asked questions

A Registered Retirement Investment Fund (RRIF) is a great way to earn an income from your investments after you retire. It’s a bit like a Registered Retirement Savings Plan (RRSP) in reverse. Here’s how it works: you contribute funds to an RRSP before you retire, where they can grow, tax-sheltered. Then when you retire, you convert your RRSP to a RRIF. You can’t contribute to a RRIF, but you can draw an income from it while your investments can continue to grow, tax-sheltered.A Registered Retirement Investment Fund (R R I F) is a great way to earn an income from your investments after you retire. It’s a bit like a Registered Retirement Savings Plan (R R S P) in reverse. Here’s how it works: you contribute funds to an R R S P before you retire, where they can grow, tax-sheltered. Then when you retire, you convert your R R S P to a R R I F. You can’t contribute to a R R I F, but you can draw an income from it while your investments can continue to grow, tax-sheltered.
The simple answer is that a RRIF let’s your investments grow tax-sheltered, even while you draw a retirement income from the account. You convert your RRSP into an RRIF when you retire, and you must convert before the end of the year you in which you turn 71. You can manage your RIFF investments just like you did with your RRSP. Pay yourself as much as you want from your RRIF, on any schedule — monthly, semi-annually, or annually — or even as occasional lump sums. You do have to withdraw a minimum amount every year. Withholding tax doesn’t apply to the minimum amount. Here’s a table of minimum amounts and withholding tax rates. The simple answer is that a R R I F let’s your investments grow tax-sheltered, even while you draw a retirement income from the account. You convert your R R S P into an R R I F when you retire, and you must convert before the end of the year you in which you turn 71. You can manage your R I F F investments just like you did with your R R S P. Pay yourself as much as you want from your R R I F, on any schedule — monthly, semi-annually, or annually — or even as occasional lump sums. You do have to withdraw a minimum amount every year. Withholding tax doesn’t apply to the minimum amount.Here’s a table of minimum amounts and withholding tax rates
The minimum changes with your age. If you’re 65 on January 1 of this year, your minimum rate is 4% of your R R I F’s total value. If you’re 71, it’s 5.28%. If you have a younger spouse, you can use their age.Here’s a table of minimum amounts and withholding tax rates
You can have the same mix of investments in a R R I F as you would in an R R S P — cash, Guaranteed investment certificates, Mutual Funds, publicly traded stocks, corporate and government bonds... whatever works for you.
Sure, you can have as many Registered retirement income funds as you like. But keep in mind you’ll have to apply the minimum withdrawal rule to all of them. Most people prefer to have one rather than several, because there’s no real advantage to having more than one.

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- This material is for informational purposes only. This material is not intended to be relied upon as research, investment, or tax advice and is not an implied or express recommendation, offer or solicitation to buy or sell any security or to adopt any particular investment or portfolio strategy. Any views and opinions expressed do not take into account the particular investment objectives, needs, restrictions and circumstances of a specific investor and, thus, should not be used as the basis of any specific investment recommendation. Investors should consult a financial advisor and/or tax information applicable to their specific situation.
- All investments, including these, are subject to risk, including the possible loss of principal.
- Investment professional refers to Personal Bankers, Financial Planners, Investment and Retirement Planning and Investment Specialists that are representatives of BMO Investments Inc.
- trademark/® Trademarks of Bank of Montreal.

Registered Retirement Income Funds

B M O Mutual Funds

B M O Canadian Market G I C footnote ‡

Why invest in an R R I F?

Tax-sheltered earnings

Flexibility

Simplicity

Registered Retirement Income Funds by the numbers