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The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

It’s like a Registered Retirement Savings Plan (RRSP) in reverse. An RRSP helps you save for retirement through annual contributions. A RRIF does the opposite, requiring you to take minimum annual withdrawals from your savings to help fund your retirement.

You may have more than one type of retirement savings (i.e., pension plan, RRSP, etc.). Depending on the type, both a RRIF and a life income fund (LIF) can help you turn those savings into income.  

RRIF

LIF 

Both

Converts RRSP savings to retirement income.

Converts pension plan savings into retirement income.

The deadline to convert your savings is Dec. 31 of the year you turn 71.
Minimum annual withdrawals; no maximum.

Minimum and maximum withdrawal amounts.

Choose a variety of investment options including segregated funds, mutual funds and more. These investments are tax-free while in the fund.

You only pay income tax on the money you withdraw each year. 

You may designate your spouse as a beneficiary. The money rolls over tax-free if you die first.

The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.

If you live in Manitoba or Saskatchewan, you can use a PRRIF to access even greater flexibility in managing your retirement savings. Contact an advisor for more details.

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