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Registered Retirement Income Fund (RRIF)
A registered retirement income fund
(RRIF) acts as an extension of a registered
retirement savings plan (RRSP). ). It allows you to advantageously
utilize the amounts you accumulated throughout your working life: you’ll make withdrawals as needed and continue to accumulate tax-sheltered income.
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Who Should Consider a RRIF? |
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Retirees who wish or need to use
their RRSPs as a source of income. |
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Persons wanting to retain a certain
amount of autonomy in the management of their investments. |
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Features and Advantages |
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Your protection against financial
market fluctuations may attain and even exceed 100% of the capital
invested. |
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You pay no surrender
fees for withdrawals made up to a maximum of 20% of the value
of your contract at the beginning of each year.
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You pay no annual administration fees.
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Amounts withdrawn are taxed according to the tax tables in effect.
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You can establish the income from your RRIF according to the age
of the younger spouse.
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You receive a pension income tax credit for the first $1,000 withdrawn
annually starting at the age of 65.
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You are required by law to withdraw a minimum annual amount from your RRIF which corresponds to a percentage of the value of the fund on January 1 of each year. All withdrawals are taxable. There is no minimum withdrawal, you control your RRIF.
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Table of RRIF Minimum Withdrawals |
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Age |
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Withdrawal |
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Age |
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Withdrawal |
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65 |
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4.00% |
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83 |
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9.58% |
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66 |
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4.17% |
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84 |
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9.93% |
|
|
67 |
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4.35% |
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85 |
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10.33% |
|
|
68 |
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4.55% |
|
86 |
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10.79% |
|
|
69 |
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4.76% |
|
87 |
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11.33% |
|
|
70 |
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5.00% |
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88 |
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11.96% |
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|
71 |
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7.38% |
|
89 |
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12.71% |
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|
72 |
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7.48% |
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90 |
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13.62% |
|
|
73 |
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7.59% |
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91 |
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14.73% |
|
|
74 |
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7.71% |
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92 |
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16.12% |
|
|
75 |
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7.85% |
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93 |
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17.92% |
|
|
76 |
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7.99% |
|
94 |
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20.00% |
|
|
77 |
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8.15% |
|
95 |
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20.00% |
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|
78 |
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8.33% |
|
96 |
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20.00% |
|
|
79 |
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8.53% |
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97 |
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20.00% |
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|
80 |
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8.75% |
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98 |
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20.00% |
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|
81 |
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8.99% |
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99 |
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20.00% |
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82 |
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9.27% |
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100 |
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20.00% |
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Products Available |
A RRIF permits you to invest in the following investment vehicles:
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Daily Interest Funds
For persons wishing to accumulate money to make investments and
accumulate interest on a daily basis. |
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The IAG Savings and Retirement Plan includes three separate series of funds, each with its own guarantees and choice of funds.
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CLASSIC SERIES: A range of investment funds designed for those seeking long-term growth potential and low-cost capital protection.
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ECOFLEX SERIES: A range of investment funds that offer a full guarantee of your capital and medium- to long-term growth potential. In addition, you can also protect the return on your investments.
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ECOFLEXTRA SERIES: A range of investment funds that prioritize capital protection with a view to paying a guaranteed retirement income for life, which can even increase over the years.
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Life Investment |
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For those who are seeking the comfort and security of a guaranteed income for life. The life investment available in the IAG Savings and Retirement Plan RRIF provides you with a turnkey product that combines the security of an annuity and the advantages of a RRIF in a single contract.
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For More Information |
For more details, you can read our simplified RIFF guide (PDF – 764 KB).
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