RRIF
Turn your retirement savings into steady income with a RRIF.
What is RRIF?
RRIF
If you own a RRSP at the age of 71, the government regulations state that in the calendar year you turn 71 the RRSP must be rolled into a RRIF. In the year that you turn 72, a minimum withdrawal from your RRIF is mandatory. This minimum withdrawal must happen at least once in a calendar year. As a person ages, the government demands that a higher percentage be withdrawn from the RRIF and also regulates what minimum percentage must be withdrawn annually.
What we offer
Callable RRIF
Fixed 1-Year RRIF
Fixed 2-Year RRIF
Fixed 3-Year RRIF
Note: TFSAs are available for people 18 years of age and older. The government allows an annual maximum deposit (amount announced annually). It is your responsibility to make sure that you do not go over this annual deposit amount. You may however carry forward any unused amount to the following calendar year. An example of this is as follows:
If you deposit a total of $3,000 to all combined TFSAs in 2018, you may deposit your next maximum of $5,000 in 2019 plus the $2,000 left over from 2018. The amounts you deposit to your TFSA will NOT be deducted from your income; however all of the interest you earn on your TFSA will not be taxed as interest income either. For more government rules on TFSAs see.
The Financial Services Regulatory Authority of Ontario’s (FSRA) brochure can be found here or you can click on the logo for more information.
