outlookfinancial - RRIF | Outlook Financial

Manage your money with ease after retirement by making use of a Registered Retirement Income Fund (RRIF). You benefit from high-interest earnings and have the flexibility and convenience to self direct your retirement income.

Like other savings tools, an Outlook Financial RRIF allows Canadians to earn money through a number of investment options.

Convenience of anytime withdrawls
Earn high-interest savings
Estate preservation
Gain self-direction of your retirement income

Whether retirement is just around the corner or feels like decades away, you’ve likely heard that it’s never too early to save. That’s certainly true, and it’s also never too late to start.

Grow your savings tax free with a Registered Retirement Savings Plan (RRSP), so that when you’re ready to retire, your ‘pay cheque’ will keep coming in.

RRSPs can offer you even further flexibility for life’s major expenses, as funds are also eligible for Canadian Government programs that can help you buy your first home, or pay for further education.

*There are minimum annual payments required. If you withdraw over and above the required minimum annual payment, you will be charged withholding tax.

What's the difference between a RRIF and an RRSP?

An RRSP helps you prepare for retirement, while a RRIF provides benefits after you retire.

By contributing to RRSPs in advance, you’ll lower your taxable income and save more money for when you’re ready to retire. Those savings will also compound, earning you more retirement income potential.

Once you convert your RRSP into a RRIF, you’ll then be able to withdraw funds as you need—so all that saving will really start to pay off! Note that once withdrawn, your funds from a RRIF are taxable income.

Convert your RRSPs and open a RRIF any time before the end of the year you turn 71.

Make your first withdrawal by December 31 of the year you turn 72.

Make withdrawals as you please from your RRIF annually. Keep in mind, there’s a yearly minimum that must be taken.

Rest assured that your remaining balance remains tax sheltered and can continue to grow in your account.

Like an RRSP, RRIF income is completely tax-sheltered inside your RRIF account, but all withdrawals are taxable.

Your RRIF payment is automatically taken out of your lowest interest-bearing RRIF account and transferred into your Outlook Financial High-Interest Savings Account.

If your spouse or common-law partner is younger than you are, you can make your RRIF last longer by basing your withdrawals on your spouse’s age rather than yours. If you choose this option, you’ll need to register this information when you first open your RRIF account.