RRIF

A Registered Retirement Income Fund (RRIF) is a government approved program to transfer your maturing RRSPs by the time you turn 71.   A RRIF gives you maximum control over your retirement investment, together with the flexibility to adjust the amount and frequency of the payments you receive.  Think of it as a means to pay yourself during retirement while still earning interest on your funds. 

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. 

A RRIF will allow you to pay yourself during retirement and manage the about of taxable income you receive.  The funds in your RRIF plan are still growing by earning interest.  The government will determine a minimum amount you must withdraw each year, the rest is up to you!

The minimum annual RRIF withdrawal is a percentage determined by a specific formula.  

For in-depth RRIF planning and advice, contact Vermilion Credit Union's Financial Services Advisors.