Registered Retirement Income Fund (RRIF)
Convert your RRSP into an RRIF

An RRSP must be converted into a RRIF (or an annuity) in the year in which the holder turns 71. Otherwise, it is liquidated and the entire amount becomes taxable in the year of its liquidation. 

Factor governing the minimum withdrawal from an RRIF
Eventhough an RRIF allows your assets to continue to grow on a tax-sheltered basis, it is subject to minimum annual withdrawals.

Minimum withdrawal table

Life income fund (LIF)
Convert your LIRA or your locked-in RRSP into a LIF

The life income fund (LIF) is a registered retirement income fund into which you may transfer amounts from your locked-in retirement account (LIRA) or your locked-in registered retirement savings plan (locked-in RRSP).

  • There is no minimum age for converting your LIRA or your locked-in RRSP to a LIF. But at age 71 you must transfer the assets in a LIRA or a locked-in RRSP to a LIF (or a life annuity).
  • Withdrawals may be made within the minimum and maximum limits set by law. 
  • Your investments grow on a tax-deferred basis until you withdraw them. 
  • The amounts received from this plan are added to your income for the year. 
  • For LIFs under federal and Ontario jurisdiction, a portion of the funds may be unlocked, subject to legal conditions and limits.


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Factors governing the minimum withdrawal from a RRIF
Age at the beginning of the year Minimum withdrawal factors*
71 5,28%
72 5,40%
73 5,53%
74 5,67%
75 5,82%
76 5,98%
77 6,17%
78 6,36%
79 6,58%
80 6,82%
81 7,08%
82 7,38%
83 7,71%
84 8,08%
85 8,51%
86 8,99%
87 9,55%
88 10,21%
89 10,99%
90 11,92%
91 13,06%
92 14,49%
93 16,34%
94 18,79%
95 and up 20,00%
* Since the announcement in the 2015 federal budget