RRIFs
This investment is for you if:
- you are now retired and looking to start using your RRSPs to help supplement your retirement income.
Investment Features
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.
Additional Information
We provide access to a full range of RRIF investment options to suit your needs.
- 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.
Ready to invest? Contact a Financial Advisor today!
* Mutual Funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual funds and cash balances are not covered by Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.
