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RRIF

Registered Retirement Income Fund (RRIF)

Registered Retirement Income Fund (RRIF)

We understand that you have worked hard all your life, retirement is a time to sit back, relax and enjoy. It is time to travel, explore, spend time with family and maybe get involved in your community. Planning a retirement is one of the most important aspects of your working life. Whether your retirement is close or still years away, it’s always best to start planning. By combining your retirement savings with other sources, you can enjoy a comfortable retirement.

A Registered Retirement Income Fund (RRIF) is a registered account that can help you get a steady income flow during your retirement.  This plan is similar annuity contract, which can pay out income to one or more beneficiaries. Most often individuals who have registered retirement savings plans (RRSP) transfer the balance to RRIF in order to help fund a retirement income stream. If you need more information about RRIF, please get in touch with us now for more details. We will be glad to help you with all your needs.

More about RRIF

Registered retirement income plans are designed to provide individuals who are retired with a constant flow of income; this amount is usually taken from their RRSPs. RRSPs must be rolled over when the individual reaches age 69. By converting a RRSP into an RRIF you can keep your investments under tax shelter.

RRIFs is an arrangement between the insured individual and an insurance company, or a bank. You can have more than one RRIF. The rules that govern RRIFs are the same as those for RRSPs.

We are a trusted and reliable company offering top-quality advice regarding all aspects of RRIF. Over the years we have helped a number of clients make wise and valuable financial decisions, speak to a member of our team now for more information.

What are the benefits of RRIF?

  • An RRIF helps you have more control over the investments

  • Helps tax-free growth of assets within the plan

  • Provides maximum flexibility in creating a stable income stream.

  • They are available in a number of shapes and sizes.

Please note that the earnings in RRIFs are not taxed, but pay-outs are taxed

How much can you withdraw from RRIF?

It is essential that you withdraw a percentage of the value of your plan. The percentage may increase as you get older. You are free to choose the base minimum withdrawals based on you or your spouse’s age.

A Registered Retirement Income Fund (RRIF) is a great to manage your retirement. Earnings in your RRIF are tax-sheltered. You are free to consolidate all RRSPs into one RRIF in retirement, talk to our experts for details.

How to make the most of your RRIF?

Here are a few ways to help you make the most of RRIF.

  • Be careful with your withdrawals, by reducing your withdrawals you will pay less taxes.

  • If you need a large sum money in the near future, please plan accordingly. It is better to regularly withdraw funds ahead of time.

  • Make most of your savings’ account rates

  • It offers you good rates and helps make real financial progress

Can you have more than one RRIF?

People are free to have many RRIFs as they like. Please note that the minimum withdrawal rule applies to all of them. People prefer to have more RRIF accounts, however there aren’t any major benefits of having them.

Get in touch with us now for more information, we understand that people have several questions regarding RRIF accounts, their benefits a, pros and cons. Our team has the knowledge to explain all factors regarding RRIF in detail, all you have to do is give us a call and ask you questions, we will explain every aspect in detail.

Key takeaways

  • A registered retirement income fund (RRIF) is a Canadian retirement vehicle.

  • RRIFs are contracts between the insured individual and a "carrier".

  • It provides retirees with a constant flow of income.

Do you wish to learn more about RRIF? Or want help to open a new account? Look no further and get in touch with us now. We are a trusted team offering reliable and quality advice regarding all aspects about RRIF.