REGISTERED
RETIREMENT INCOME FUND
Your credit union wants to
help you save money and pay less tax every step of the
way. When you turn 71 years of age, transferring your funds
to a credit union RRIF lets you spread out the payments
and taxes over a number of years, so you save more money!
While you can close your RRSP at any time,
you're required to do so by December 31st of the year
in which you turn 71 years of age. If you withdraw all
your RRSP savings at that time, you'd have to pay tax
on the full amount.
Your credit union makes transferring your RRSP
money to a RRIF as easy as it can be, whether the funds are
at the credit union or at any other financial institution.
To get started, talk to your Member Service
Officer today or CLICK
HERE to make an appointment.
RRIF BENEFITS AND FEATURES
- A government approved plan that provides
a systematic payout of your RRSP funds
- Save money! Avoid a large, one-time tax
bill by transferring funds from your RRSP into a RRIF
- You're in control! Make partial withdrawals
at any time
- Minimize income tax! Take out only what
you need each year
- Tax credits! RRIF income qualifies for
the $1,000 Pension Income Tax Credit
- You decide! While there is an annual mandatory
minimum you must withdraw, it's up to you how and when
you want to receive this amount
- Take advantage of the age difference! If
your spouse is younger, payout of the plan can be based
on his or her age rather than yours. That way, you can
minimize your RRIF withdrawals and the tax you pay
- Earn more! Your RRIF investment continues
to work for you and earn interest at current rates
- All funds remaining in your RRIF at the
time of your death, including accrued interest, are payable
to your beneficiaries or estate
