Canada Savings Bonds

The Canada RIF

Learn about withdrawing funds or making transfers out of your plan, receiving payments, and other services available to Canada RIF holders.

What You Need to Know

  • The Government of Canada’s COVID-19 Economic Response Plan includes a 25% reduction in the required minimum withdrawals from RRIFs for 2020. To reduce the planned withdrawal amount for your Canada RIF for 2020, contact Customer Service. Read more about the new measure for annuitants of Registered Retirement Income Funds.
  • All Canada RIF Plans will stop earning interest by December 2021. After the 2021 maturity date, the funds in your Canada RIF plan will remain accessible to you and you will continue to receive your periodic payments until all the funds have been paid out, but your plan will no longer earn interest.
  • You may transfer the funds from your Canada RIF Plan to another retirement income vehicle at any time. If you choose to withdraw the funds from your plan, the amount withdrawn will be subject to applicable withholding taxes and the proceeds must be declared as income in the year of the withdrawal.
  • All registered plan holders should validate their mailing address and/or banking information.
  • The funds in your Canada RIF plan are safe and guaranteed. Read more about the changes to your plan as of November 2017.

Receiving Payments

Periodic Payments

Payments are made by direct deposit to your bank account, or by cheque mailed to the address on file. Periodic payments are issued on the first business day of the month for the frequency you have chosen. If your mailing address has changed, please update it or sign up for direct deposit by completing the Change of Address and Direct Deposit form.

Minimum Payments

  • The annual minimum amount withdrawn must meet the legislated minimum required by the Income Tax Act (Canada). The Canada RIF also has a minimum of $25 per payment. You can elect to receive more than the legislated annual minimum amount.
  • Your December 31 statement, usually mailed no later than the third week of January, will tell you what your annual minimum payments will be.
  • If your payments do not meet the annual minimum requirement an additional payment will automatically be made by December 31 to satisfy the legislative requirement.

Use Spouse’s Birthdate to Calculate Annual Minimum Payment

You may elect to use your spouse’s date of birth. If your spouse is younger, the legislated annual minimum payment will be lower; therefore, both the continued tax deferral of the proceeds within the RRIF and the amount of income it earns within the RRIF would be greater. Once the first payment is made, the date of birth you elected to use cannot be changed.

Payment Amount and Frequency

  • You can opt to receive your payments every month, or every two, three, four, six or 12 months. Periodic payments are issued for the first business day of the month.
  • You can change your payment amount or frequency at any time by giving a written notice to the Trustee as long as the minimum $25 per payment and legislated annual minimum amount are met.

Lump Sum Withdrawals

Withdrawals can be made at any time (subject to the terms and conditions of the individual bonds) by writing to the Trustee or by contacting Customer Service. Lump sum withdrawals are subject to a withholding tax.

Specifying Asset Depletion

For regular periodic payments, you cannot instruct which assets are to be used. Because of their different liquidity features, payments will be taken from the CSB first, followed by the CPB.

Within each bond category, payments are taken out of the bond with the lowest yield. If two or more bonds have equally low yields, then payments are taken out of the bond with the lowest interest rate. If two or more bonds have equally low yields and interest rates, then payments are taken out of the bond with the shortest term to maturity. Payments are taken from both principal and interest on a pro-rated basis. For lump sum withdrawals, you can request a specific bond from which to take the withdrawal (subject to the terms and conditions of the individual bonds). Payments made are taken from both principal and interest on a pro-rated basis.

Services for The Canada RIF Holders

Find out about address and legal name changes, and other services for The Canada RIF holders.

The Canada RIF Terms and Conditions

See Terms and Conditions and Declaration of Trust for more information and find the latest version of the Trustee’s Privacy Code.