Receiving income from a RRIF

Starting in the year after you establish a RRIF, you receive a minimum amount each year using a predetermined formula based on the value of the RRIF and your age.

You may have to pay tax on the income when you start receiving the payments. Enter these payments as income on your return for the year you receive them.

If you receive funds from a RRIF due to the death of a spouse or common-law partner, or if you were 65 or older on December 31 of the tax year in which you received the funds, report these funds on line 115 of your return.

• If these funds are transferred to your RRSP, complete and submit a Schedule 7, RRSP Unused Contributions, Transfers, and HBP or LLP Activities and deduct the amount on line 208 of your return.
  
  
• If the funds are transferred to a RRIF or to an annuity, deduct the amount on line 232 of your return.

If these funds were not received due to the death of a spouse or common-law partner, or if you were not 65 or older on December 31 of the tax year in which you received the funds, report these funds on line 130 of your return.

• If these funds are transferred to your RRSP, complete and submit a Schedule 7, RRSP Unused Contributions, Transfers, and HBP or LLP Activities and deduct the amount on line 208 of your return.
• If the funds are transferred to a RRIF or to an annuity, deduct the amount on line 232 of your return.

Note
You can claim the pension income amount when you receive RRIF income if you were 65 or older on December 31 of the year OR if you receive the RRIF income due to the death of a spouse or common-law partner.

Forms and publications

• Schedule 7, RRSP Unused Contributions, Transfers, and HBP or LLP Activities
• T4040, RRSPs and Other Registered Plans for Retirement
• RC4178, Death of an RRIF Annuitant
• T1090, Death of a RRIF Annuitant - Designated Benefit

Related Topics

• Death of a RRIF annuitant