Electronic trading major Interactive Brokers Group Inc (NASDAQ:IBKR) today announced the launch of Registered Retirement Income Funds (RRIF), a retirement drawdown solution specifically for Canadian residents.

Available through Interactive Brokers Canada Inc., the RRIF offers streamlined income withdrawals in line with government regulations while providing individuals flexibility in managing their retirement funds.

Interactive Brokers’ newly launched RRIF is available on the same trading platforms as other registered accounts, including Interactive Brokers’ Tax-Free Savings Account (TFSA) and First Home Savings Account (FHSA).

This enables Canadian investors to trade a variety of products, use powerful technology and tools, and access low costs to efficiently manage their savings, diversify their investments, and easily monitor portfolios to support their retirement and investment objectives from a single interface.

Key features of Interactive Brokers’ RRIF include:

• Seamless conversion from existing Registered Retirement Savings Plans (RRSP) with no need to transfer assets
• Access to diverse investment products including stocks, options, bonds, and ETFs
• Low-cost trading with competitive commissions and no account maintenance fees
• Advanced tools including portfolio analytics and automated minimum withdrawal calculations
• Integrated platform allowing clients to manage their RRIF, RRSP, TFSA, and FHSA from a single login
• Flexible withdrawal options with the ability to withdraw more than the minimum when needed

“The introduction of Registered Retirement Income Funds demonstrates Interactive Brokers’ ongoing dedication to delivering innovative financial solutions for investors in markets around the world,” said Jean-François Bernier, Managing Director of Interactive Brokers Canada. “By adding Registered Retirement Income Funds to our platform, we’re expanding the comprehensive range of retirement and investment choices we offer to our Canadian clients. This addition also confirms our commitment to the professional investment adviser channel in Canada. It enhances our existing low-cost turnkey custody solutions and will prove invaluable to this growing segment of our clientele seeking to manage their business more effectively by consolidating more of their clients’ assets with us.”

A RRIF is designed for individuals ready to draw down their retirement savings. By age 71, Canadians must convert their RRSP to a RRIF and make minimum annual withdrawals based on their age or their spouse’s age.