A Registered Retirement Income Fund (RRIF) is a tax-deferred registered plan that pays out retirement income. It works exactly like when you Receive UBC FPP RRIF-Type Payments, however, the non locked-in funds in the FPP is transferred to an external financial institution.
You may use all, or part of, your non locked-in account balance to set up an income stream to meet your personal needs. The payments can be set up for any amount over the minimum applicable statutory minimum.
The minimum required amount of withdrawal is based on your age as of January 1st each calendar year. Alternatively, you may use your spouse’s lower age, if applicable, to determine the minimum payment required and potentially reduce your tax obligation.
To transfer your funds to an external RRIF, complete and submit the following forms to Sun Life:
- Direct Transfer of a Single Amount (T2151) or an equivalent form from your external RRIF provider
If you are a non-resident, complete the following form:
If you are a non-resident and have locked-in funds you can apply to have the locked-in restriction removed from your funds and transfer to an external RRIF. For more information and for the required forms, refer to Living Outside Canada.