In this article:
Overview
A Registered Retirement Income Fund (RRIF) is an account that pays you income during retirement from the savings in your RRSP.
Eligibility
How to open a RRIF
Follow these steps to open a RRIF:
- Log in to the Wealthsimple app
- From the Home tab, scroll down to your Accounts
- Tap the add (+) button
- Select Open a new account
- Tap View all accounts
- Choose the RRIF account type
- Select how you want to use your account
- Tap Open account
- Follow the prompts to open a RRIF
- Log in to your Wealthsimple profile on a laptop or computer
- Select + Add account from the Home page
- Select the Invest category
- Scroll to the account type row below the product cards and select View all (or select RRIF directly if it's shown in the row)
- Select RRIF
- Choose how you'd like to invest, if prompted (for example, Trade or Wealthsimple Portfolios)
- Choose who will use this account, if applicable
- Follow the prompts to open the RRIF
What you can invest in with a RRIF
You can invest in these Wealthsimple products with a RRIF:
- Trade:
- Managed investing:
Convert your RRSP to a RRIF
If you have an RRSP with Wealthsimple, you can convert it to a RRIF in the Wealthsimple app. You'll need to open a RRIF first. This isn't available on web.
- Log in to the Wealthsimple app
- Select the RRIF you want to convert your RRSP to
- Select the Convert existing RRSP option at the bottom of your screen
- Follow the prompts and select the RRSP you want to convert
- Confirm the change and submit your request
Deposits and withdrawals
Review the deposit and withdrawal information for RRIFs:
- Deposits: Unlike other investment accounts, you can't deposit funds directly into a RRIF. You can only fund a RRIF by transferring in an existing RRIF or converting an existing RRSP. If you transfer in an existing RRIF, you'll need to make your full minimum withdrawal for the year before the transfer.
- Withdrawals: You must withdraw a minimum amount every year starting in the calendar year after you open the account. Learn more about withdrawing from a RRIF.
Frequently asked questions
Does converting one RRSP mean I need to convert all of my RRSPs into RRIFs?
No. Converting one RRSP doesn't mean you need to convert all other RRSPs that you own. However, by the end of the year you turn 71, you'll need to close all of your RRSPs. Converting them to RRIFs is one option.
Can I move money from a RRIF to an RRSP?
If you've recently converted an RRSP to a RRIF, you may be able to move those funds back into an RRSP until the end of the year you turn 71. If you have an outstanding minimum annual withdrawal, you must withdraw that amount first. To start this request, contact our support team.
Why does it matter if I select my age or my spouse's age to determine the minimum withdrawal amount?
The older you are, the higher your minimum withdrawal amount is. If you have a spouse who is younger than you, and you decide to use their age to calculate your minimum withdrawal amount, your minimum withdrawal amount will be lower than if you used your own age.
Can I set up a spousal RRIF with Wealthsimple?
Yes. The annuitant (the account owner) can open a spousal RRIF by following the steps in Open a spousal RRIF.
What happens if I open a RRIF and don't add funds to it?
Nothing happens. Your minimum withdrawal is a percentage of your account's total value, so if your balance is $0, you don't need to withdraw anything.
Can I hold USD cash in my trading RRIF?
Yes, if you have a trading RRIF, you can hold, deposit, and withdraw US dollars directly. You won't pay FX fees to hold US dollars or trade US-listed securities in USD, but converting between CAD and USD has a fee. This isn't available for managed RRIFs. For details on withdrawing USD, see Withdraw from your RRIF.
How many RRIFs can I open?
- You can open as many individual managed RRIFs as you like.
- You can open up to 8 trading RRIFs.
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