What is a RRIF?

Registered Retirement Income Funds allow income to be taken out of the account on a minimum annual basis. Withdrawals are taxed. Investments inside the RRIF still allow for tax deferred growth. No new contributions are allowed to be made to a RRIF.

How it works

RRIFs allow for a minimum withdrawal each year. Withdrawals are taxable. No new deposit can be made into a RRIF that hasn't already been part of an RRSP. Your deposits stay tax deferred until withdrawals are made.

General RRIF Rules

  • On or by December 31 in the year you turn 71 your RRSP must be converted to a RRIF or life annuity

  • Each year you are required to take a minimum payment from your RRIF

  • The values are determined by a schedule set by the government and your age

  • You may elect to use your spouse’s age on which to base your minimum withdrawals

  • It is not mandatory that you take out the minimum payment in the first year the RRIF is funded

Products Available for RRIFs

The Biggar and District Credit Union provides access to several products which are RRIF eligible. These include registered savings accounts, term deposits, Index/Equity Linked deposits, and through Credential® you have access to mutual funds*, stocks and bonds*. Other products are available for deposit.

Speak to your representative to determine which is right for you

*Mutual funds are offered through Credential Asset management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Unless otherwise stated, cash balances, mutual funds and other securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in the credit unions. Credential Securities is a registered mark owned by Aviso Wealth inc.


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