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Make an extra RRIF withdrawal 

When you need additional retirement income, we make it simple to understand your options and request an extra RRIF withdrawal.

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Your Registered Retirement Income Fund (RRIF) gives you a baseline income via required minimum withdrawals each year, while sheltering your remaining RRIF savings from taxes until they are withdrawn.  

But you also have the flexibility to make extra RRIF withdrawals whenever needed, beyond the minimum or scheduled withdrawal amounts. 

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What it is

A simple option for additional retirement funds.

An extra RRIF withdrawal is any one-time withdrawal from your RRIF in addition to your regular scheduled payments. Extra withdrawals give you control to access additional retirement income when needed, while the rest of your RRIF balance remains tax-sheltered.  
Things to know before requesting an extra RRIF withdrawal
  • Taxable income: All extra withdrawals must be declared as taxable income for the year in which they are taken.
  • Withholding tax applies: Any amount withdrawn beyond the required minimum will be subject to withholding taxes. Outlook Financial automatically withholds and remits the required amount to the CRA.
  • Timing & processing: Extra withdrawal requests are typically processed within 1–3 business day. Verify the transaction in your Online Banking profile.
  • Minimum account balance rule: If your RRIF GIC balance falls below $1,000 the remaining funds will be transferred into your RRIF savings account.
  • No limits on frequency: You can request extra RRIF withdrawals at any time throughout the year.

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

To request a one-time extra RRIF withdrawal

If you need additional retirement income, you can request an extra RRIF withdrawal anytime. Just complete the Registered Retirement Income Fund Plan Withdrawal Form and send it to Outlook Financial.

Tip: Maintain enough in your RRIF to support your future income needs by planning withdrawals carefully; avoid reducing your balance too quickly. 

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