RRIF

Manage Your Retirement with a RRIF.

No matter what your retirement plans are, you’ll need an income to help cover the cost of your daily expenses. A registered retirement income fund (RRIF) can help you with that! With a RRIF you can get payments from your RRSP or pension fund out over a period of time to avoid paying tax on the whole sum at once.

A RRIF is similar to a self-administered annuity. However, unlike a annuity, which fixes your rate of return for life at the time you purchase it, you control your investments in an RRIF. This means, you choose either a variable rate savings plan or a fixed-term plan. (Check out our current rates). For a RRIF your interest is calculated daily and paid monthly.

Revenue Canada requires you to withdrawal a minimum from a RRIF each year, but you can take out more if you want at any time. You’re not allowed to put money back into a RRIF (only withdraw it), but you can transfer funds into your RRIF from your RRSPs, another RRIF, or even a registered pension plan. Have questions? Give us a shout.