Registered Retirement Savings Plans and
Registered Retirement Income Funds (RRSPs/RRIFs)

This site provides information of interest to issuers (insurance companies, trust companies, and banks). Information for individuals is available from the Registered Retirement Savings Plan Web page for individuals.

A registered retirement savings plan (RRSP) is an arrangement between an individual and an issuer (an insurance company, a trust company or a bank) under which retirement income commences at maturity. Contributions are made by individuals and are deductible under the Income Tax Act. Earnings in the plan remain tax-free and payments out of an RRSP are taxable on receipt.

A registered retirement income fund (RRIF) is an arrangement between a carrier (an insurance company, a trust company or a bank) and an annuitant under which payments are made to the annuitant of a minimum amount each year. The property under a fund is derived only as a result of a transfer of funds from another RRIF, an RRSP or a registered pension plan and annual amounts must commence to be paid to the annuitant immediately. Property and earnings in a RRIF are tax-exempt and amounts paid out of a RRIF are taxable on receipt.