Retirement Savings - RRIFs

Manage Your Retirement with a RRIF.

No matter what your retirement plans are, you’ll need an income to help cover the cost of your daily expenses. A registered retirement income fund (RRIF) can help you with that!

With a RRIF you can get payments from your RRSP or pension fund spread out over a period of time to avoid paying tax on the whole sum at once.

A RRIF is similar to a self-administered annuity. However, unlike an annuity, which fixes your rate of return for life at the time you purchase it, you control your investments in an RRIF. This means, you choose either a variable rate savings or a fixed-term. For a RRIF your interest is calculated daily and compounded annually.

Please note that when you invest in Hubert’s 1 – 5 year RRIF non-redeemable term deposit, you are able to withdraw from the term at any time, along with your regular yearly payment. However, you will need to submit a new designation of beneficiary form when transferring from a RRSP to a RRIF.

Revenue Canada requires you to withdrawal a minimum from a RRIF each year, but you can take out more if you want at any time. You’re not allowed to put money back into a RRIF (only withdraw it), but you can transfer funds into your RRIF from your RRSPs, another RRIF, or even a registered pension plan.

Have questions? Give us a shout.