Registered Retirement Income Funds (RRIFs) are government-approved means of providing a maturing option for RRSPs. You can transfer funds from an RRSP, another RRIF, a Registered Pension Plan, or a commuted RRSP annuity.
Holders must convert RRSPs during their 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.
Contributions are tax-deductible and ideal for members looking to shelter funds from their Canadian taxable income.
Interest income compounds and accumulates free of tax until you withdraw from your RRSP.
Interest compounds annually.
The sooner you start contributing, the more you will have at retirement. Allows you to build a comfortable retirement fund during your peak earning years.
Easy to attain
Minimum deposit of $500 for fixed RRSP.
No minimum for variable plans.
The interest rate is guaranteed for the full term.
Peace of mind
All deposits are 100% guaranteed by the Deposit Guarantee Corporation of Manitoba.