Regular RRIF Accounts
A Regular RRIF account is one of two options you have when deciding to convert your RRSP into an RRIF, as the figure below illustrates:
A Regular RRIF account is established at a specific financial institution such as a bank, credit union, or life insurance company.
A Regular RRIF account will have limited investment options available to the account holder. The investments that are available will be restricted to the proprietary investments offered by the financial institution. For example, opening a Regular RRIF with a credit union will enable the account holder to invest only in Guaranteed Investment Certificates (GICs), mutual funds, and savings accounts created and managed by the credit union. (In other words, a Regular RRIF cannot invest in the greater variety of investment options available to a Self-Directed RRIF account such as common shares, preferred shares, bonds and the various additional investment options.)
Note: Both Regular and Self-Directed RRIF accounts must follow the same guidelines as set out by Canada Revenue Agency (CRA).