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Is there a difference between an RRSP and a RRIF?



Our response:

Thanks for your question Paul. A Registered Retirement Savings Plan (RRSP) is usually used to save for retirement. A Registered Retirement Income Fund (RRIF) is used to withdraw money from as retirement income.

Some key points about RRSPs:

  • contributions are tax deductible
  • savings grow tax free
  • you can convert your RRSP into a RRIF to get regular payments when you retire

Learn more about How RRSPs work.

Some key points about RRIFs:

  • can be opened anytime, but no later than the end of the year you turn 71
  • typically open a RRIF by transferring money from your RRSP
  • you must take out a minimum amount from your RRIF each year once you turn 71

Learn more about RRIFs.

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