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Change RRIF Payment Instructions

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 minium 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

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.

If you would like to change your RRIF payment instructions you must complete the Registered Retirement Income Fund Plan Update Payment Instructions form.

Steps:

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

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

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

Important Notes:

  • 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.
  • If you provided an email address on your Registered Retirement Income Fund Plan Update Payment Instructions form, we will confirm this change by email.
  • If you use Google Chrome you will need to disable the built-in default Google Chrome PDF viewer prior to downloading the form. For assistance with disabling the Chrome PDF Viewer please contact an Outlook Financial Representative.

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Rates effective
Oct 1, 2018

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  • 2.15% Savings Accounts
  • 2.50% 1 Year Cashable GIC
  • 3.35% 5 Year Cashable GIC
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