A Registered Retirement Income Fund (RRIF) provides an income at retirement. Although you may set up a RRIF at any age, it is mandatory at age 71 when you must convert a maturing RRSP.

A RRIF provides you with a regular stream of income, subject to a minimum annual amount, from the funds accumulated in your RRSP or registered pension plan. One of the benefits is that you’re able to minimize taxes by spreading your RRIF income over a number of years. In addition, the money that remains in your RRIF continues to grow tax-sheltered – just as it did in your RRSP.

Features

• You can choose the frequency and amount of your payments, as long as the total for each year is at least equal to the mandatory minimum amount.

• You pay tax only on the actual amount of RRIF income you receive each year.

• Daily Savings RRIF – available if you are not interested a Term Deposit. The rate is very competitive to daily savings accounts.

• Term Deposits – 1-5 year options which provide the security of knowing the rate of return on your retirement savings is guaranteed for the term you choose.

• Mutual funds – We provide access to market-based investments through Credential Asset Management Inc.

• Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority of Ontario (FSRA)