A Registered Retirement Income Fund (RRIF) is simply an evolution of an RRSP. You have to convert your RRSP into a RRIF by December 31st of the year you turn 71. Then you withdraw from your RRIF throughout retirement. Withdrawals are based on your financial needs, with a minimum percentage set by the government each year.
While you don’t contribute to a RRIF, the money in it still earns interest. Like an RRSP, the interest you earn in a RRIF is sheltered from tax. Also, similar to an RRSP, taxes are paid when money is withdrawn from the account.
A RRIF can be invested in a variety of products like GICs, savings accounts, Mutual Funds*, ETFs*, and Index-Linked GICs*. The choice is very personalized, a PenFinancial Advisor can help you.
RRIFs have important withdrawal rules. You have to withdraw a minimum amount from your RRIF every year, and to avoid extra fees, you also have to ensure you have enough money available in your account to make any additional withdrawals.
At PenFinancial 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).
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