Mozaic Finance glossary Registered accounts

RRIF: the Registered Retirement Income Fund, explained

The RRIF is what your RRSP becomes when it is time to draw an income: the same investments keep growing tax-deferred, but you must withdraw a minimum amount each year, taxed as income.

A Registered Retirement Income Fund (RRIF) is the retirement-income counterpart to the RRSP. When you are ready to draw down your retirement savings, or by the end of the year you turn 71 at the latest, your RRSP is converted into a RRIF.

How a RRIF works

  • You must convert your RRSP to a RRIF or an annuity by the end of the year you turn 71.
  • Each year you must withdraw at least a minimum amount, set as a percentage of the account value that rises with your age.
  • Withdrawals are taxed as ordinary income in the year you take them.
  • There is no maximum: you can withdraw more than the minimum whenever you need to.
  • The investments you do not withdraw stay invested and keep growing tax-deferred.

How Mozaic tracks your RRIF

In Mozaic, RRIF is a first-class account type, alongside its locked-in cousins like the LIF. Connect it through SnapTrade or Plaid, or add it by hand, and its balance and holdings roll into your net worth.

Mozaic tracks the account value and its holdings. It does not calculate your annual minimum withdrawal, which your RRIF provider sets each year based on your age and the account value.

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Frequently asked

An RRSP is the savings phase, where you contribute and defer tax. A RRIF is the income phase: you can no longer contribute, and you must withdraw a minimum taxable amount each year. Your RRSP converts to a RRIF by the end of the year you turn 71.
Yes. Each year you must withdraw at least a minimum amount, set as a percentage of the account value that increases with age. There is no maximum, so you can take out more when you need it.
Yes. RRIF is a first-class account type in Mozaic: connect it or add it by hand, and its balance and holdings roll into your net worth. Mozaic tracks the value, not your annual minimum withdrawal.