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Registered Retirement Income Fund (RRIF)
Registered Retirement Savings Plans (RRSPs) implemented to help Canadians, during their working years, save for their retirement years. This contrasts with Registered Retirement Income Funds (RRIFs), which are designed to provide income during retirement.
The key strength of a RRIF is its flexibility. The flexibility built into RRIFs allows the planholder:
- To change the amount of income selected each year, subject to a minimum payment formula
- The opportunity to receive payments monthly, quarterly, semi-annually or annually
- The ability to transfer from one issue to another
- Rather than continuing to receive regular payments, withdrawal of all or part of funds in a lump sum payment is permitted.
- NOTE: This flexibility is subject to certain conditions that may exist based upon the investment options chosen.
- Flexible payout options (subject to limits)
- RRSPs which together total $5,000 or more are eligible
- One to five year fixed interest rates
- Optional variable interest rate
- Deposits eligible for Credit Union Deposit Insurance coverage (subject to limits)
- Annual statement or status of fund
- Life Annuity can be arranged
Check with individual Credit Unions for product availability.
