RRIFsPayment options during your retirement.
A Registered Retirement Income Fund (RRIF) is a government-approved means of providing a maturing option for RRSPs. Funds can be transferred from an RRSP, another RRIF, a Registered Pension Plan or a commuted RRSP annuity.
RRSPs must be converted into RRIFs during a holder’s 71st calendar year. Converting an RRSP to an RRIF allows you to provide yourself and your family with a regular income. While you may take any amount out of the fund above the minimum, each withdrawal is taxable as income.
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Benefits |
Features |
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Customized plans |
Flexible payout options based on your individual needs. |
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Choices |
Terms are available from 30 days to five years. |
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Flexibility |
Payments can be received monthly, quarterly, semi-annually or annually |
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Saves money |
Income earned is tax sheltered. |
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Additional tax credits |
RRIF payments qualify for $1,000 pension income credit at 65 years and older. |
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Maximized payouts |
Minimum payment may be calculated on the younger spouse’s age. |
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Easy to attain |
Minimum deposit of $500 for a fixed RRIF. No minimum deposit for variable plans. |
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Earns increased income |
Interest on variable RRIF paid semi-annually. Interest compounds annually. |
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Maximized return |
Interest rate is guaranteed for the full term. |
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Peace of mind |
All deposits are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba. |
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Fees |
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RRIFs |
• FREE |
Other fees may occur. View Casera’s service fees.