Here are some simple ways to squeeze more value out of your RRIFs:

• You May Have More Retirement Income Than You Know
• Before You Convert - Maximize Your RSPS
• A Word About Spousal RRIFs
• Take Your Payment Annually
• Take Income Out Only When Needed
• Remember the Pension Tax Credit
• Get Payments Straight to Your Account
• Consolidate Multiple Accounts 
• Review Your Options
  

You May Have More Retirement Income Than You Know

Beyond your current investments, you may have a variety of other sources of retirement income available to you, such as:

Government Sources
These sources are intended to be supplemental toyour retirement income and are designed to provide a secure, modest base upon which to build additional retirement income.

• Canada/Quebec Pension Plans (CPP/QPP)
• Old Age Security (OAS)
• Guranteed Income Supplement (GIS)
  

Employment-related Sources

• Company Pension Plan
• Retiring Allowance
• Deferred Profit Sharing Plan (SPSP)
  

Your Investments

• Registered Savings Plan (RSPs)
• Non-Registered (Savings, GICs, Mutual Funds, Stocks)
  

Your Home

• Using the equity you've built up in your home.
  

Before you Convert - Maximize Your RSPs

If you are reaching the age of 71, you many want to take the opportunity to increase your RSP savings and reduce your taxable income - especially if you have qualifying earned income or unused contribution room.
What qualifies as earned income:
- Full and part-time employment income
- Self-employment income
- Net rental income or CPP/QPP disability.

What does not qualify as earned income:
- CPP/QPP pension payments
- OAS regular pension payments
- Investment interest, divident income and capital gains
- Income from RRIFs and annuities.

A Word About Spousal RRIFs

If you have a spouse or common-law partner, you may have a Spousal RSP. If you have a Spousal RSP, you'll want to convert it to a Spousal RRIF

If it's been less than three years since money was contributed to a Spousal RSP (at any institution), any amount withdrawn above and beyond the annual required minimum will be taxed in the hands of the contributing spouse.

That said, if only the minimum required payment is received, the attribution rule doesn't apply. The T4RIF (and Releve 2 in Quebec) will show the payments were received from a Spousal RRIF.

And if you're over 71 but your spouse is younger, any unsued contribution room you may have can be contributed to a Spousal RSP until it's time to convert.

Take Your Payment Annually

Take your payment annually, at the end of each year. That way your RRIF investments can earn more investment income before the payment is withdrawn.

Take Income Out Only When Needed

If you need extra income periodically, take it out when needed, instead of taking larger regular payments. This keeps more money inside your RRIF earning tax-sheltered investment income.

Remember the Pension Tax Credit

When you file your tax return, remember that RRIF and annuity payments qualify for the $2,000 Pension Tax Credit. 

Get Payments Straight to Your Account

Have RRIF payments credited directly to your bank account to avoid postal delays and have access to your money right away.

Consolidate Multiple Accounts

Consider consolidating multiple RRSP or RRIF accounts at different institutions into one RRIF plan, for easier, one-statement record keeping and receipt of one, convenient RRIF payment.

Review Your Options

In general, review all your options before choosing your RRIF payment schedule. How you choose to take money out of your RRIF can make a big difference in how long your RRIF will last.