A Registered Retirement Income Fund (RRIF) is Canadian retirement savings plan that is designed to transform your RRSP savings into a steady stream of income throughout your retirement years.
By the end of the calendar year in which you turn 71, you must either withdraw your RRSPs or convert them to a RRIF.
RRIFs offer the same investment choices as RRSPs. However, keep in mind that only funds from an RRSP can be transferred into a RRIF.
An RRIF can hold a combination of eligible investments, such as mutual funds, stocks, bonds and ETFs *, Guaranteed Investment Certificates (GICs) and cash, providing they were originally transferred in from an eligible RRSP.
This type of RRIF ensures that your investment keeps pace with current interest trends. Interest rates are reviewed and adjusted regularly so that you benefit from the most competitive rate.
A Fixed Rate RRIF provides the security of knowing your rate of return is guaranteed for a fixed period of time. You can choose the term that best fits your plans.
*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Commissions, trailing commissions, management fees, and expenses may all be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual funds, other securities, and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds and other securities are not guaranteed, their values change frequently and past performance may not be repeated.
At Kingston Community Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits (not in registered accounts) are insured up to $250,000 through FSRA.
A third party is an individual or entity, other than the account holder or those authorized to give instructions about the account, who directs what happens with the account. For example, if an account were opened in one individual’s name for deposits that are directed by someone else, the other person or entity would be a third party.
