Group Registered Retirement Income Fund (RRIF)


A group Registered Retirement Income Fund (RRIF) is an investment product that pays out income to the policyholder. RRIFs are registered under the Income Tax Act (Canada), so tax is not paid on the interest income and growth of the account value. The policyholder must withdraw a minimum amount from the fund each year, but they can also withdraw amounts in excess of this minimum. Typically, the payments will be monthly but they can also be quarterly or annually.

Assuris Protection

If you decide to take your group RRIF as a lump sum, the lump sum will be covered under Assuris accumulated value protection, up to $100,000 or 90% of the amount, whichever is higher.

If you decide to continue taking payments from your group RRIF after the date of failure, the payments are protected under Assuris monthly income protection up to $5,000/month or 90% of the amount, whichever is higher. At the date of failure, if the annual minimum withdrawals from your RRIF:

  • are less than or equal to $60,000, your payments are fully protected.
  • exceed $60,000, the payments will be protected for 90%.