RRIFs
What are RRIFs?
The Registered Retirement Income Fund is an excellent retirement option for most Canadians because it is tailored to meet individual needs. A RRIF can be described as a mirror image to an RRSP. The difference is that a RRSP is designed for accumulation of assets, while a RRIF is designed to distribute those assets in the form of retirement income.
The source of funds for your RRIF is your RRSP. Once you have transferred your money from RRSP, which needs to done by the end of the year in which you turn 69, you may set up a withdrawal plan to suit you retirement needs. There is no maximum limit for withdrawal, however, the minimum amount is specified by a formula based on your age
RRIF investments are sheltered from tax, so they grow quicker than non tax-sheltered investments.
All withdrawals are subject to tax.
Investment Options
Choose between 1 to 5 year Fixed Term investments at competitive rates, all covered by our 100% Guarantee
The Credit Union also has access to Mutual Funds. Choose from Balanced funds, Bond Funds, Dividend Funds, Equity Funds, Income Funds or Money Market Funds through our partnership with Credential Asset Management Inc.
Contact the Credit Union today for rates or more details.
Disclaimer
†Mutual funds are offered through Credential Asset Management Inc. Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit issuer that insures deposits in credit unions. Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.