Investing
Registered Retirement Income Fund (RRIF)
A Registered Retirement Income Fund (RRIF) is a government-registered account designed to provide a steady income during retirement while allowing your investments to continue growing tax-deferred. When you retire, you convert your RRSP into a RRIF, and instead of making contributions, you withdraw funds as income while your remaining savings continue to grow.
RRIFs offer flexibility in how and when you withdraw money, making them a vital part of retirement planning for Canadians.
Key Benefits of a RRIF
Tax-Deferred Growth
- Your investments continue to grow tax-free until withdrawn.
Flexible Withdrawals
- You choose how much to withdraw (subject to minimum withdrawal requirements).
Control Over Investments
- Keep your GICs, mutual funds, and other investments within your RRIF.
Estate Planning Benefits
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Designate a beneficiary to ensure tax-efficient transfer of assets.
How Does a RRIF Work?
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You must convert your RRSP into a RRIF by December 31 of the year you turn 71.
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You must start making withdrawals the following year, but there is no maximum withdrawal limit.
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Withdrawals are considered taxable income, and the amount required depends on government-mandated minimum withdrawal rates.
Need help finding the right NVCU product for you?
Call us at (306)745-6615 or stop by the branch!
Get Started
How to Get Started with a RRIF at NVCU
Transitioning to a RRIF is simple with North Valley Credit Union. Our experienced financial team will guide you through the process to ensure your retirement income is structured to meet your needs.
Steps to Open a RRIF:
1. Schedule a Consultation – Meet with our investment advisors to discuss your retirement income goals.
2. Review Your Investment Options – Choose the right mix of savings accounts, term deposits, or mutual funds.
3. Convert Your RRSP – Transfer your retirement savings into a RRIF.
4. Plan Your Withdrawals – Determine your withdrawal schedule based on your financial needs.
Our team provides ongoing support to ensure your retirement income plan aligns with your long-term financial goals.
Contact Our Investment Advisor
For personalized investment guidance, contact:
Wade Penman – Investment Advisor
📞 Phone: 306-745-4027
📧 Email: wade.penman@northvalleycu.com
Schedule a meeting today to discuss how a RRIF can fit into your retirement strategy.
Important Investment Disclosures
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Mutual funds and/or approved exempt market products are offered exclusively through Investia Financial Services Inc.
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Commissions, management fees, and trailing commissions may apply to investments.
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Investment values fluctuate and are not guaranteed—past performance does not predict future results.
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Investors should read the Fund Facts or prospectus before making investment decisions.
Secure Your Retirement Income with NVCU
A RRIF is a powerful tool to help you manage your retirement savings while ensuring a steady income. Whether you’re preparing to convert your RRSP or need guidance on withdrawal strategies, North Valley Credit Union is here to help.
Book a Consultation Today!
