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While your RRSP is used to save for your retirement, a RRIF is used to draw income during your retirement. You are required to take a minimum annual payment by December 31 the year after the RRIF is opened. 

If you only withdraw the minimum amount each year* your withholding tax will not be assessed immediately. Your minimum amount is based on:

  • the date RRIF was established
  • your/spouses age
  • the amount currently held within the RRIF

*Exception: withholding tax is assessed on the entire amount if a minimum payment is taken in the year the RRIF is opened.

When you opened your RRIF with Outlook, you provided instructions indicating the amount of your RRIF payments and how you would like your payments distributed.

To change your RRIF payment instructions

Complete the Registered Retirement Income Fund Plan Payment Instructions Form.

Please note that you will require Adobe Reader to complete PDF forms. The PDF Reader is available from Adobe, which is a third party service provider. You will exit the Outlook Financial website and open a new browser tab by clicking on the following link. To proceed, download the free PDF reader here [].

Print, sign and date the form, and send the form by mail to the following address:

  Outlook Financial
  Box 2, Station Main
  Winnipeg MB R3C 2G1

Important Notes:

  • To request that Outlook take additional withholding tax from your RIF payment, please complete the TD1 form from CRA and include it with your submission.
  • Your RRIF payment instructions will be processed within 2 business days of receipt. Please allow enough time before your next payment for the changes to take effect.

For more information, visit the Government of Canada's website page, Registered Retirement Income Fund (RRIF).

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Rates effective
Jun 10, 2024

  • 3.45% Savings
  • 5.00% 1 Year Term
  • 4.30% 5 Year Term
View all rates