Retirement Income Funds (RIF)

Define retirement on your own terms.

Right for you if:

  • You want your savings to provide income during retirement
  • You want flexibility in managing and controlling your retirement finances

Find a full range of products and services to help you plan for your golden years

A Registered Retirement Income Fund (RRIF) is a plan that allows your savings to continue growing tax-deferred while generating a steady stream of income during your retirement years. This is important because if your Registered Retirement Savings Plan (RRSP) is not converted to a RRIF, it is considered "deregistered", and the proceeds will be paid out as cash and fully taxed as income.

If you have a pension, we also offer locked-in plans.

Important information:

  • The government requires that everyone with a RRSP, including Locked-in Retirement Savings Plans (LRSPs) and Locked-in Retirement Accounts (LIRAs), must convert to one or more retirement income sources by December 31st of the year they turn 71.
  • The year the plan is opened, a payment does not have to be made, but any amount may be withdrawn (subject to withholding tax at source).
  • An annual minimum payment (AMP) must be taken each year starting in the year after the plan is opened. For example, if the RRIF is opened in May 2014, the first withdrawal must occur on or before December 31, 2015. The AMP is considered taxable income.
  • The annual minimum payment is determined by the Income Tax Act, and is based on your age or your spouse's age. Using the younger of these two ages will result in a lower annual minimum payment. This means that less money will have to be withdrawn and taken as taxable income for the year, and more will remain in the RRIF, earning tax-sheltered income.

When you transfer your RRSP to a RRIF, you may continue to invest in many of the same investments, such as:

The annual fee varies according to the type of investment you choose as does the rate of return.

At Scotiabank, we offer two types of Registered Retirement Income plans to help you plan your retirement future:

  • Self-directed RRIF, which allows you to invest in the same wide range of qualified investments as self-directed RSPs, and you can transfer your self-directed RRSP portfolio intact.
  • Managed RRIF, if you need help investing in your retirement, we can assist you.

We also offer:

Tools It's easy to achieve your goals.

Scotia RIF/LIF/RLIF Illustrator

Compare various payment options for your RRIF or Locked-In Plan and generate a detailed payment report (or schedule).

Use this tool


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