RRIF Payment FAQs

Why don’t my RRIF details show up on the page?

RRIF account information is available for accounts opened before December 31st of last year. If your account was opened in the current calendar year, the information will be available online on the second business day of next year.

When will I see my payment details and scheduled payments for the new calendar year?

Your RRIF details and scheduled payments are updated on the second business day of each calendar year.

What if the payment date I select is not a business day, when will my payment be made?

Your payment will be made on the next business day.

Why does my account have a debit?

Scheduled payments are made whether cash is available or not.  If there is not sufficient cash for a scheduled payment, your account will have a negative or debit cash balance. Please ensure you have sufficient cash available on your payment dates. Creating a debit balance puts the account at risk of losing its tax-sheltered status as a RRIF.

Why is my “First payment date” not displaying my next payment date?

The first payment date is the start date for your payments. You can schedule future payments at a frequency that’s right for you. For example, if your first payment date is January 15^th and you choose “monthly”, your next payments will be February 15, March 15, April 15, etc. If your payment date falls on a non-business day or holiday, your payment will be made the next business day.

I’ve taken my payments out for the year but the "Payment Information and Schedule" section is blank. Why is that?

If you’ve received full payment before the end of the year and you no longer have any payments scheduled, the "Payment Information and Schedule" section will show "0" for the following: Next payment amount (Gross and Net) as well as Federal, Provincial and Non-Resident (if applicable) taxes.

The information will be updated at the beginning of the next calendar year.

How is my income taxed?

Payments from a retirement income fund are fully taxable as income upon receipt at your marginal tax rate. Depending on your individual circumstances, a portion of the payment may be eligible for the federal and provincial/territorial Pension Income Tax Credit.  Check with your tax advisor for more information.

Can I receive my payment in U.S. dollars?

Yes. If you would like to receive your payment in U.S. dollars, please send us a secure message or call us. U.S. dollar payments can be deposited directly into a U.S. dollar bank account or to a non-registered investment account.

Can I request an early payment or postpone a scheduled payment?

Yes. Early Payments and changes to your remaining scheduled payments can be made at any time by contacting an Investment Service Representative.

What are withholding taxes?

Withholding tax is the amount of income tax that RBC Direct Investing withholds from payments withdrawn from your account. The amount of tax withheld is remitted to the CRA on your behalf and is reported to you on a T4RIF slip (and a RL-2 slip in Quebec) after the end of each calendar year to help you prepare your tax return. RBC Direct Investing is only required to withhold taxes on withdrawn amounts that are in excess of the annual minimum payment.

However, you can choose to have tax withheld from your annual minimum payments, or choose to have a higher rate of withholding tax applied to your amounts in excess of your annual minimum payment, in order to manage future taxes owing on your tax return. Please contact a tax professional for more information.

How can I have withholding tax deducted from my payments?

To have taxes withheld on your payments, please contact an Investment Service Representative.

I received my payment, however it doesn’t show online as part of my annual withdrawal. When will it be updated?

Your RRIF payment will show as a withdrawal and your account will be updated online one business day after the withdrawal is made.

Can you mail me a cheque to my alternate address?

Cheques can only be mailed to the primary address we have on file. If your address is out of date or incorrect, contact an Investment Service Representative to update it before requesting a cheque. 

Have questions or need to contact an Investment Service Representative? Call us at 1-800-769-2560 or send us a message by accessing Customer Support at the top right of your screen.

Update Details

How do I change the frequency of my payments?

Choose your account from the drop down menu on your View page and click on the “Edit” button. On the Request Changes page, go to the Payment Frequency section and select your desired frequency (Monthly, quarterly, semi-annually or annually). You will also need to complete the other fields on the page, review your changes and submit.

Why haven’t I received payments after I made a payment change?

If you’ve already received your minimum or elected annual amount in the current year, no further payments will be made until the following year. It could also be because you changed the frequency of payments too late in the current year to be applied. You may wish to change your payment frequency early next year. You can still arrange for an additional payment by calling the Contact Centre at 1-800-769-2560

How do I change my payment dates?

Choose your account from the drop down menu on your View page and click on the “Edit” button. On the Request Changes page, go to the First Payment Date section and select the payment date of your choice. You will also need to complete the other fields on the page, review your changes and submit. Please note 2-3 business days’ notice are required for a First Payment Date change to take effect.

This will be fixed and ongoing according to your stated frequency until such time you wish to change it. Example: if you elect to receive payments on the 15^th of each month, you should expect to receive payments, July 15^th, August 15^th etc. on an ongoing basis until you change it. 

Can I take out more than my minimum annual payment amount?

Yes. To do this, choose your account from the drop down menu on your View page and click on the “Edit” button. On the Request Changes page, go to the Elected Annual Amount section and select your desired amount. You will also need to complete the other fields on the page, review your changes and submit.

Note: if you request an amount in excess of your minimum annual requirement, withholding taxes will apply. Click on the “Withholding tax rate information” link to learn more. A few retirement income types (ex. LIFs and LRIFs) have stated maximum annual payments. If this applies to you, the amount will appear on your View page.

How long does it take for a change to take effect?

Your View page will be updated with your changes effective within 2-3 business days after you receive confirmation.

What can’t be requested *online:

• Ad hoc or irregular one-time payments
• Adjustments to withholding tax
• Changes to method of payment (cheques, etransfer, mail)
• Changes to payment location (account, address)
• Changes to payment currency (Canadian, U.S. dollars)
• One time in-kind withdrawal (security withdrawal instead of equivalent in cash)
• Changes to a future schedule of payments beyond the current year. You can change your payments to “current and ongoing” online in the current year.
• Basing your minimum annual payment amount on your spouse or common-law partner’s age (must be set up before the receipt of first payment)

*Should you wish to make any of these changes, please contact an Investment Services Representative.  Call us at 1-800-769-2560 or send us a secure message by accessing Customer Support at the top right of your screen.

RRIF Terms

Market value of plan is the market value of your registered account, as at the beginning of the year.

Minimum annual payment required refers to the mandatory minimum payment that is required to be withdrawn from your plan during the current calendar year. This value is calculated at the beginning of every calendar year based on your account’s market value and a prescribed percentage factor depending on your age (as the annuitant) or your spouse or common-law partner’s age (if elected at the time the plan was set up).

Maximum annual payment refers to the maximum allowable withdrawal from your registered plan for the current calendar year. This is not applicable to all plan types.

Eligible annual payment refers to the total amount including the maximum annual payment that can be withdrawn from the registered plan in the current calendar year. This is not applicable to all plan types.

Requested annual payment refers to the total amount requested by you (as the annuitant), to be paid out from your registered plan in the current calendar year.

Frequency of scheduled payments is the frequency of your payment(s) for the current calendar year. You can choose Monthly, Quarterly, Semi-Annual or Annual payments.

First payment date refers to the date that your first payment will be made this calendar year. You can choose to receive all subsequent payments at a frequency that’s right for you.

Method of Payment indicates how you’d like to receive your payments. We can arrange payments using any of the following methods:

• Bank account – Electronic Fund Transfer
• Internal Transfer – to a non-registered RBC Direct Investing account
• Cheque – mailed to your addre)ss on file

YTD payment amount (gross/net) refers to the combined total payments withdrawn from your registered account during the current calendar year. Gross is the dollar amount you've received before tax and Net is the amount you've received after any withholding tax is applied. Withholding tax is only required on funds withdrawn from your account that are in excess of the annual minimum payment. However, you can choose to have tax withheld from all of your withdrawals. If taxes are not withheld, the Gross and Net amounts are the same.

YTD excess payment refers to the amount that is withdrawn in excess of your minimum annual payment for the current calendar year (‘year to date’)

YTD withholding tax indicates the total amount of tax withheld in the current calendar year. This amount is reflected in your net YTD payment amount.