What is a RIF?
A RIF is very similar to an RSP, but rather than contributing to your retirement savings, you use a RIF to withdraw income for retirement. The untouched portion continues to grow tax-sheltered, just as it does in an RSP. You can convert an RSP into a RIF at any time, but you must convert your RSP to a RIF or other income option by then end of the year in which you turn 71.

What's the difference between an RSP and a RIF?
The main difference is that you cannot contribute to a RIF. Instead, the money you've been contributing into your RSP is transferred to a RIF to be used as income in the year you turn 71.

How can I transfer my RIF to Implicity?
Easy! If you are already an existing Implicity member simply fill out our Direct/Transfer In form and send it to us at:

Implicity Financial
PO Box 58040 Bishop Grandin Blvd
Winnipeg, MB R2M 2R6

Can I deposit money from my other Implicity Accounts into my RIF?
The only funds that can go into a RIF must come from an RSP.

How do I make a withdrawal from a RIF?
Your RIF withdrawal can be made annually, semi-annually, monthly or quarterly. When you first set up your RIF at Implicity, you will need to fill out our RIF Deposit Form, specifying your desired RIF payment structure. Note – your RIF withdrawal needs to be equal to or greater than your minimum annual distribution.

What is a minimum annual distribution (MAD)?
Your MAD is the amount that must be withdrawn each year after the year the RIF Plan holder turns 71. The RIF holder may withdraw an amount greater than the MAD amount if they wish, but cannot withdraw less.

How is the minimum annual distribution (MAD) calculated?
The MAD is calculated based on your age (or your spouse's age, as applicable) and the balance in your RIF Plan at the beginning of each year. Basing the payments on the lower age base provides a smaller MAD, longer deferral of income, and increases the amount of payment subject to withholding tax.

When do I have to make my first minimum annual distribution?
In the first year that your RIF is opened, you are not required to make a mandatory withdrawal. The latest you are allowed to take your first payment is December 31st in the year you turn 72, however, the payment must be at least the full minimum annual amount.

I don't need the money from my RIF. Do I still have to make those minimum withdrawals?
Even though you may not need the funds, government regulations state that minimum withdrawals are required. You may want to consider contributing any excess RIF payments you don't need to your Implicity High Interest Savings Account or TFSA.

Can I still withdraw funds from my RIF in the first year?
Yes, but there will be a requirement to deduct and remit withholding tax from your withdrawal.

How do I change the payment amount details for my RIF?
Contact an Implicity Representative at invest@implity.ca to update your RIF payment amount frequency, start date, transfer-to account, as well as the date of birth used for RIF payment amount calculations (if applicable).

How do I designate beneficiaries on my RIF?
Please print and complete the Designation of  Beneficiary form, and mail it back to us at:

Implicity Financial
PO Box 58040 Bishop Grandin Blvd
Winnipeg, MB R2M 2R6

Note: The beneficiary that you designated on your RSP will not transfer to your RIF Plan.

Are there any fees to transfer my RIF to another financial institution?
Your RIF is fee free while at Implicity. If at some point you decide to transfer your funds to another financial institution, a $50 fee will apply.


Find Branch/ATM

Enter address, postal code or branch name