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How do I receive the income of an RRIF?

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You’ll get a minimum amount annually from a RRIF. The financial institution that holds the RRIF calculates that amount as required by the Income Tax Act based on your age when you open the RRIF.

The payments can also be calculated based on the age of your spouse or common-law partner. Before the first minimum payment is made, you must decide whose age to base the minimum payments on. You can’t change it after that.

† Simplii Financial personal banking services are provided by the direct banking division of CIBC. Banking services not available in Quebec.
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