Episode 26: RRIF Rules You Should Know

Are you approaching retirement?

Turning your RRSP into a RRIF is a big step—and it comes with important rules. From minimum withdrawals to tax planning, we’re breaking down what you need to know to retire with confidence.

Watch this week’s Money Monday to learn how a RRIF fits into your income strategy.

Darren Devine, CFP®, CLU®

Financial Planner, Sun Life
President of Devine and Associates Financial Services Inc.

Hello, and welcome to Money Monday, where we help simplify your financial journey. I'm Darren Devine, Financial Planner with Sun Life and President of Devine & Associates.


If you’ve been saving into an RRSP your whole working life, there comes a point when it’s time to shift from saving to spending. That’s where a RRIF—a Registered Retirement Income Fund—comes in.

By the end of the year, you turn 71, your RRSP needs to be converted into a RRIF or an annuity. A RRIF lets your investments keep growing tax-deferred, but you must start withdrawing a minimum amount each year.

Here’s what you need to know:

  • Those withdrawals are considered taxable income.
  • The percentage you’re required to withdraw increases with age.
  • You don’t have to take withdrawals monthly—you can choose annual, quarterly, or whatever suits your cash flow.
  • You can withdraw more than the minimum, but not less.

And here’s a tip: if you’re younger than your spouse, you can base the minimum withdrawal on their age instead, helping reduce your taxable income.

Understanding how RRIFs fit into your broader retirement plan can make a big difference. If you’d like help building a withdrawal strategy that supports your goals and minimizes taxes, we’d be happy to guide you through it.

Thanks for tuning in. Don’t forget to like and comment for more episodes filled with tips to help make your financial journey a breeze. Until next time, I'm Darren Devine, and you can always talk to us today at DevineAndAssociates.ca!