Registered Retirement Income Fund

In the calendar year that you turn 71 years of age, you MUST convert your RRSPs into RRIFs. A RRIF is a tax sheltered investment vehicle designed to provide a retirement income after age 71 from funds that you have accumulated in a Registered Retirement Savings Plan. Payments may be received monthly, quarterly, semi-annually or annually.

A RRIF allows you to take control of your investment. A RRIF allows you to select the length of time you wish to lock in your interest rate and while there is a minimum amount required to be withdrawn each year, you can elect to take more if you want or need to. 

There are no fees associated with a RRIF. Every dollar put into a RRIF comes back to you, plus interest, and the interest is tax sheltered until you withdraw it.

Your RRIF can be transferred to a surviving spouse on a tax-deferred basis, if directed by a designation of beneficiary or by a will.

Choose from a Variable Rate Plan or a Fixed Term Plan.

Variable Rate:


  • Interest calculated on daily closing balance
  • Open term; no penalties for withdrawal
  • Interest rate fluctuates with market conditions

Fixed Rate:


  • Terms from 12 months to 60 months
  • Interest compounded annually

Click here for a SCU’s current posted RRIF deposit rates.