TD Retirement Income Options (RIF)

Put your savings to work so you may enjoy the full potential of your retirement years.

You may enjoy a comfortable retirement by combining your retirement savings with other sources of income you may have.

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About RIF
What TD Offers
RIF Annual Minimum Payment Schedule

Why choose a Retirement Income Plan?

You've worked hard to reach this stage of your life, and now it's time to enjoy yourself - traveling, spending time with grandkids, or maybe getting involved in your community. Planning your retirement income is one of the keys to living the life you want in retirement. Whether your retirement is close at hand, or still several years away, the time to start planning is now. Combining your retirement savings with other sources of income that you may have can result in a predictable, tax-efficient income stream, allowing you to enjoy a comfortable retirement.

Retirement Income Options (RIOs) can provide you with a retirement income stream using the money you saved during your working years. Many of these retirement income options offer tax-deferred growth, similar to your Retirement Savings Plan (RSP).

The most common type of RIO is a Retirement Income Fund (RIF).¹ A RIF offers you the flexibility to determine the amount of income you withdraw each year from your retirement savings. The only requirement is that you receive a minimum annual amount, according to a predetermined schedule set by the federal government. You can increase, decrease or change your income stream any time you choose. You only pay tax on the money you withdraw from your plan each year.

A RIO is also available for your Locked-in RSP (LRSP), Locked-in Retirement Account (LIRA) or Restricted Locked-in Savings Plan (RLSP) in the form of a Life Income Fund (LIF), Locked-in Retirement Income Fund (LRIF), Restricted Life Income Fund (RLIF) or Prescribed Retirement Income Fund (PRIF), depending on the governing legislation of the original pension plan.

When and how to convert your savings into retirement income

Your Retirement Savings Plan (RSP) can be converted to a form of retirement income at any time, but no later than the end of the calendar year in which you turn 71. At that time, you'll have three choices:

Convert your RSP to a Retirement Income Fund (RIF)
Convert your RSP to an annuity
Withdraw the entire amount of your RSP in one lump sum

Benefits of a Retirement Income Plan

Convenience

You decide how much income you require (subject to an annual minimum amount).

Confidence

We’ll help you calculate the total retirement income you can expect to receive and consolidate your retirement savings from all sources into one comprehensive RIF plan.

Access to advice

We’re here to answer your questions and help you make any adjustments to your plan.

Legal

¹ RIF refers to Retirement Income Fund (RIF), Life Income Fund (LIF), Locked-in Retirement Income Fund (LRIF), Restricted Life Income Fund (RLIF) and Prescribed RIF (PRIF).

TD helps you plan for retirement

The most common Retirement Income Option is a Retirement Income Fund (RIF)¹. A RIF gives you the flexibility to determine the amount of income you withdraw each year from your retirement savings. The only requirement is that you receive a minimum annual amount, according to a predetermined schedule set by the federal government. You only pay tax on the money you withdraw from your plan each year.

Find out more about the annual minimum withdrawal schedule

Highlights

LIF, LRIF, RLIF and PRIF

Convert your LIRA, LRSP or RLSP into steady retirement income. If you've been saving for retirement by contributing money to a LIRA or LRSP or hold a RLSP, you've probably discovered the potential of tax-deferred investment growth. When you retire, you can continue to enjoy tax-deferred investment growth by converting your savings into a Retirement Income Option such as a LIF, an LRIF, an RLIF or a PRIF.

Highlights

Industry-leading mutual funds including TD Retirement Portfolios
Lump sum withdrawals and transfers between funds can be made at any time for no charge
Phone support with a TD Mutual Funds Representative
Three different retirement income options are available depending on your situation:

1. TD Mutual Funds Retirement Income Fund (RIF):

Enjoy all the potential benefits of mutual funds plus total flexibility of anytime withdrawals at no charge. A RIF is designed to provide income using your RSP savings. Although you can convert your RSP savings to a RIF at any age, it must occur prior to the end of the year in which you turn 71.

With a TD Mutual Funds RIF, you'll enjoy control, flexibility and convenience:

You decide how much income you require (subject to an annual minimum amount)
You decide which TD Mutual Funds to invest in and which funds to receive income from
You decide when to receive your payments, as often as every week or once a year
You decide how to receive your payments, either through direct deposit into your bank account or a cheque by mail
You decide who should become beneficiary of your RIF assets in the event of your death

You'll continue to benefit from tax-deferral and you have the freedom to invest your holdings as you wish.

As a registered account, your TD Mutual Funds RIF maintains the benefits of tax-deferral. Only the amount withdrawn from the account is subject to tax. Income tax will be deducted at source from any amount withdrawn over the annual minimum payment. Although you may not contribute additional funds to your TD Mutual Funds RIF, you are free to reallocate your holdings across the full line-up of available mutual funds.

Discover the many advantages of a TD Mutual Funds RIF.

A TD Mutual Funds Retirement Income Fund can help you make the most of your assets when it's time to convert your RSP to retirement income.

When you open a TD Mutual Funds RIF account, you'll enjoy all of these advantages:

Total flexibility - change withdrawal amounts at any time and at no charge (subject to a minimum amount required by law)
Lump sum amounts can be withdrawn at any time and at no charge
A wide choice of mutual fund options geared to providing the appropriate diversification required to meet your individual needs

2. TD Mutual Funds Life Income Fund (LIF):

Strengthen your portfolio with a mutual fund and get complete control over how you receive your retirement income. LIF is designed to provide income using your Locked-in Retirement Account, Lock-in RSP, Restricted Locked-in Savings Plan or pension savings. Although you can convert your locked-in savings to a LIF whenever it is allowed by the rules governing your plan (age 55 in most provinces), it must occur prior to the end of the year in which you turn 71.

For funds governed by the legislation of Newfoundland & Labrador, by the end of the year in which you reach the age of 80, you must use the remaining amount left in your LIF to purchase a life annuity or convert it to a Locked-In Retirement Income Fund (LRIF).

3. TD Mutual Funds Locked-In Retirement Income Fund (LRIF):

A LRIF is a plan governed by Newfoundland and Labrador legislation that allows you to maintain full control over your investment choices throughout retirement. Minimum and maximum withdrawal limits apply and a LRIF may be held indefinitely.

LRIFs, RLIFs and PRIFs are similar to LIFs with one notable exception: there is no requirement to convert your LRIF, RLIF or PRIF to a life annuity. You can maintain your LRIF, RLIF or PRIF indefinitely throughout your retirement years.

Whether you choose a TD Mutual Funds LIF, LRIF, RLIF or PRIF, you'll enjoy control and flexibility:

You decide how much income you receive (subject to annual minimum and maximum amounts)
You decide which TD Mutual Funds to invest in and which funds to receive payments from
You decide when to receive your payment, from as often as every week to as little as once a year
You decide how to receive your payment, either through direct deposit into your bank account or a cheque by mail
You decide who should become beneficiary of your assets in the event of your death

You'll continue to enjoy tax-deferred growth potential. As registered accounts, the funds within a TD Mutual Funds LIF, LRIF, RLIF and PRIF maintain the benefits of tax deferral. Only the amount withdrawn from the account is subject to tax. Income tax will be deducted at source for any amount withdrawn over the annual minimum payment.

Maximum withdrawals help your income last. In addition to the annual minimum amount you must withdraw, there is also an annual maximum you are able to withdraw.

Find out where LIFs, LRIFs, RLIFs and PRIFs are available. It's important to note that the availability of LIFs, LRIFs, RLIFs and PRIFs varies across Canada. Please be aware that LIFs are not available under the pension legislation of Saskatchewan, Yukon, Nunavut or Northwest Territories.

Currently, LRIFs are only available under the pension legislation of Newfoundland & Labrador. RLIFs are available for locked-in plans governed by the federal pension legislation. PRIFs are covered by Saskatchewan and Manitoba legislation. Please contact your local TD Canada Trust branch for more details.

Important Mutual Funds Information

Highlights

What types of RIF Locked-in Plans are available?

Highlights

Legal

¹ RIF refers to Retirement Income Fund (RIF), Life Income Fund (LIF), Locked-in Retirement Income Fund (LRIF), Restricted Life Income Fund (RLIF) and Prescribed RIF (PRIF).

² Refers to the TD Waterhouse Self-Directed Retirement Income Fund.