RRIF ~ Registered Retired Income Fund 

A majority of Canadians choose a RRIF (Registered Retirement Income Fund) due to its flexibility. This is vehicle is often used to convert your RRSP (Registered Retirement Savings Fund) into in order to create income. It's advantage is in the flexibility of the investment choice, you can choose the level of income you take out of the vehicle allowing you more control over your investment. There are many different types of RRIFs available, we encourage you to book an appointment to review all your options.

RRIF ~ Calculator

LIF ~ Life Income Fund

Life Income Funds (LIFs) are a type of locked-in income account, similar to a Registered Retirement Income Fund (RRIF), but with certain restrictions. A LIF is a special type of RRIF into which you can transfer funds that originate from pension benefits under a federally regulated pension plan.

A type of registered retirement income fund that is used to hold pension funds, and eventually payout retirement income. The life income fund (LIF) cannot be withdrawn in a lump sum; rather, owners must use the fund in a manner that supports retirement income for their lifetime. Each year's Income Tax Act specifies the minimum and maximum withdrawal amounts for LIF owners, which takes into consideration the LIF fund balance and the owner's annuity factor.


LIF owners are not required to purchase a life annuity, buy may choose to do so at any age. A LIF owner may also choose to transfer funds to another LIF, a locked-in retirement income fund (LRIF) or in certain cases to a locked-in retirement account (LIRA). The financial institution from which the LIF is issued must provide an annual statement to the LIF owner. Based on the annual statement, the LIF owner must specify at the beginning of each fiscal year the amount of income he or she would like to withdraw. This must be within a defined range to ensure the account holds enough funds to provide lifetime income for the LIF owner.

New LIF Facts (2016)


In exchange for a lump sum payment the financial insititution agrees to pay you by any income that potentially could run for your life in the case of a life annuity or for a term in a term annuity. There are a variety of annuilities; life, term certain annuity, perscribed annuity for after tax funds, indexed annuities etc.

Annuity Calculator