A Registered Retirement Income Fund (RRIF) is a popular retirement option for matured RRSP’s and pension plans. A RRIF allows you to control how and when you will receive your income stream from your retirement savings. As prescribed by CRA, an RRSP must be converted to a RRIF before the end of the year in which you become 71 years of age.
There is also a mandatory minimum payment amount that changes annually based on age and the total value of the RRIF at the beginning of the year. TCU offers the same investment options that your RRSP was invested in.
Some of the features of a TCU RRIF* are:
- Competitive rates
- Fixed rate terms from 1 to 5 years with interest compounding annually
- Variable rate plans with interest calculated monthly and paid annually
LIF - Life Income Fund
A Life Income Fund holds funds locked-in under pension legislation. The same mandatory minimum payments apply as with a RRIF, however with a LIF there is also a maximum payment amount per year.
Deposits in registered savings plans are fully insured. (Other Canadian dollar deposits insured up to $100,000)
*RRIF Transfers out / Withdrawals subject to $30.00 fee
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