Setting up a RRIF

You set up a registered retirement income fund (RRIF) account through a financial institution such as a bank, credit union, trust or insurance company. Your financial institution will advise you on the types of RRIFs and the investments they can contain.

You can have more than one RRIF and you can have self-directed RRIFs. You may want to set up a self-directed RRIF if you prefer to build and manage your own investment portfolio by buying and selling a variety of different types of investments. The rules that apply to self-directed RRIFs are generally the same as those for RRSPs. For more information about eligible investments, go to Self-directed RRSPs.

If you are considering this type of RRIF, be sure to consult your financial institution.

Once the RRIF is established, there can be no more contributions made to the plan nor can the plan be terminated except through death.

Forms and publications

• Guide T4040, RRSPs and Other Registered Plans for Retirement