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Flexible Income
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Choose how often you receive payments and adjust withdrawals above the required minimum to fit your retirement lifestyle.
Tax-Sheltered Growth
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The funds remaining in your RRIF continue to grow tax-sheltered while providing retirement income.
You're in Control
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You decide how much income you need, when you receive it, and how your retirement savings continue to be invested.
Key Product Features
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A Registered Retirement Income Fund (RRIF) is a government-registered plan that converts your RRSP savings into retirement income. By the end of the year you turn 71, your RRSP must be transferred to a RRIF or another eligible retirement income option.
Think of a RRIF as a way to pay yourself during retirement. You decide how often you'd like to receive income, while the remaining funds continue to earn interest and grow tax-sheltered. A RRIF offers the flexibility and control to help support your retirement today and in the years ahead.
While RRSPs are are designed to save for retirement, RRIFs are meant to be drawn from. If you have an RRSP, you must transfer it over to a RRIF by the end of the year you turn 71.
Think of a RRIF as a way to pay yourself during retirement. Your funds continue to earn interest and grow while providing you with a source of retirement income. The government requires a minimum annual withdrawal, but you have the flexibility to decide how much additional income you take and how often you receive it.
The minimum annual RRIF withdrawal is calculated using a government-established formula based on your age and account balance.
For personalized retirement income planning and RRIF advice, connect with Vermilion Credit Union's Financial Services Advisors. We're here to help you create a withdrawal strategy that supports your retirement goals.
By the end of the year you turn 71, your RRSP must be converted to a RRIF or another eligible retirement income option. A RRIF allows you to continue growing your retirement savings while providing regular income throughout retirement.
Yes. The government sets a minimum annual withdrawal amount, but you may withdraw more if needed. Additional withdrawals will be added to your taxable income for the year.
A RRIF can hold many of the same investments as an RRSP, including term deposits and other eligible investment options. Our Financial Services Advisors can help determine which investments best support your retirement income goals.