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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
periodically withdraw
a portion of your savings 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Amounts withdrawn are taxed according to the tax tables in effect.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You receive a pension income tax credit for the first $1,000 withdrawn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. Over and above that amount, all periodic
and lump sum
withdrawals are taxable. No maximum withdrawal applies.
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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%
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67
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4.35%
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85
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10.33%
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68
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4.35%
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86
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10.79%
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69
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4.76%
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87
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11.33%
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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%
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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%
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73
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7.59%
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91
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14.73%
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74
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7.71%
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92
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16.12%
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75
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7.85%
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93
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17.92%
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76
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7.99%
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94
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20.00%
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77
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8.15%
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95
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20.00%
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78
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8.33%
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96
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20.00%
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|
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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
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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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Ecoflex Investment
Funds
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A range of investment funds which offer a full guarantee of your capital and medium- to long-term growth potential. In addition, amounts generated by your investments, over and above your deposits, may also be protected.
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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 Ecoflex RRIF contract 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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