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

This site provides information of interest to issuers and carriers (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 an individual and a carrier (an insurance company, a trust company or a bank) under which payments are made to the individual of a minimum amount each year. The minimum amount must commence to be paid to the individual in the year following the year the RRIF is entered into. Earnings in a RRIF are tax-free and amounts paid out of a RRIF are taxable on receipt.