RRIFs

A Registered Retirement Income Fund (RRIF) is one of the maturity options for an RRSP. An RRIF works like an RRSP, but in reverse. It converts your savings into income and lets you continue to shelter your investment from taxes after you turn 71.

You can choose any payment amount you like as long as it’s higher than the mandatory minimum amount. The benefit of an RRIF, unlike an annuity, is that they are extremely flexible and are always under your control. Your RRIF investments continue to grow tax-sheltered until they are withdrawn.

Transferring your funds to an RRIF lets you spread out your payments and taxes over a number of years – potentially saving on taxes. You may also enjoy government sponsored tax credits and income splitting at age 65. We can help you when transferring your RRSP money to an RRIF, whether the funds are at Rapport Credit Union or being moved over from another financial institution.

• Full range of Investment Options to choose from
• Flexible Payment Options (monthly, quarterly, semi-annually, annually)
• You can easily make changes to your Payment Options as your situation changes
• You can choose what investments to make the payments from
• At Rapport Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA).