Open an Registered Retirement Income Fund (RRIF)

In this article:

Overview

A Registered Retirement Income Fund (RRIF) is a fund designed to earn money during your retirement. All RRSPs eventually convert into RRIFs, so a RRIF allows you to withdraw the funds that you've previously saved in your RRSP as income. 

Eligibility

Only people who are retired should consider opening an RRIF. On the year you turn 71, you will be required to rollover your RRSP into an RRIF.

How to open an RRIF

Follow these steps to open an RRIF:

Mobile app Web
  1. Log in to the Wealthsimple mobile app
  2. From the Home page, scroll down and select Add or move account
  3. Select Open a new account
  4. Choose the RRIF account type
  5. Select how you want to use your account
  6. Tap Open account
  7. Follow the prompts to open an RRIF
  1. Log in to your Wealthsimple account
  2. Select Add an account from the Home page
  3. Select the Investing tab
  4. Choose RRIF from the options
  5. Choose what you'd like to invest in
  6. Select Next
  7. Follow the prompts to open the RRIF
Note: We don't support USD accounts for RRIFs at this time. Currency conversion fees are applicable. USD accounts are coming soon.

What you can invest in with an RRIF

You can invest an RRIF in a variety of Wealthsimple products:

Rollover your RRSP to an RRIF

You can follow the instructions below if you have an existing RRSP with Wealthsimple that you're looking to rollover into an RRIF:

  1. Log in to your Wealthsimple mobile app
  2. Select your RRIF account that you want to rollover into
  3. Select the Convert existing RRSP option at the bottom of your screen
  4. Follow the prompts and select the RRSP you want to rollover
  5. Confirm the change and submit your request
Note: To roll over a spousal RRSP to an RRIF, please contact our support team.

Deposits and withdrawals

Review the deposit and withdrawal information for RRIFs:

  • Deposits: Unlike other investment accounts, you can't deposit funds directly into an RRIF. Instead, you can only fund an RRIF by transferring in an existing RRIF* or rolling over an existing RRSP.
  • Withdrawals: You must withdraw a minimum amount every year starting in the calendar year after you open the account. Learn more about withdrawing from an RRIF. 
*Note: If you transfer an existing RRIF, you’ll need to complete the annual minimum withdrawal amount in full before the transfer. 

Frequently asked questions

Does rolling over one RRSP mean I need to roll over all of my RRSPs into RRIFs? 

No. Rolling over one RRSP does not mean you need to roll over all other RRSPs that you own. However, if you are 71 or older, the Canadian government requires you to roll over all RRSPs into RRIFs. 

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, you are forced to withdraw less money than if you used your own age.

Tip: Remember that once you select whose age to use, you can't change it.

Can I set up a spousal RRIF with Wealthsimple?

Right now, we can only create a spousal RRIF by rolling over an existing spousal RRSP when you turn 71. We can't open new spousal RRIFs that aren't connected to a spousal RRSP rollover.

What happens if I open an RRIF and don’t add funds to it?

Nothing. You're only required to make withdrawals on a percentage of the total value of your account. If your account balance is $0, you aren't required to withdraw from it. 

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