Why invest in a Registered Retirement Income Fund (RRIF)?
The RRIF lets you transfer the funds in your RRSP or spousal RRSP tax-free so that you can access your retirement income.
A savings vehicle you can use to:
Make the most of your retirement savings with a RRIF
The logical next step after the RRSP, the RRIF lets you take full advantage of your retirement savings.
Start accessing your retirement income
The RRSP is designed for savings, but the RRIF lets you access retirement income from the money you have saved in your RRSP or spousal RRSP. In other words, the RRIF is a disbursement vehicle.
If you're almost 71 years old
The legal deadline for holding an RRSP or spousal RRSP is December 31 of the year you turn 71. From a fiscal perspective, the RRIF is a wise choice if you want to enjoy the money you've saved over the years, since it allows you to withdraw your money over time.
Your RRIF: 4 decisions to make
When converting your RRSP to a RRIF, you'll be asked to choose among a variety of withdrawal options.
1 Withdrawal amounts
You must withdraw a minimum percentage of the total value of your savings each year, based on your age. It ranges from 5.28% (age 71) to 18.79% (age 94). As of your 95th birthday, you must withdraw 20%. That being said, you can always withdraw more than the minimum amount to finance a passion project, for instance.
2 Your spouse's age
Since the mandatory minimum withdrawal amount is based on age, you can request that the calculation be based on the age of the younger spouse (if you're married or in a civil union or common-law relationship). However, you should keep in mind that this decision can't be changed later.
3 Tax deductions
You can choose to pay tax on each withdrawal, or pay taxes once a year when you file your tax return. If you withdraw more than the minimum amount, a withholding tax rate of 20% to 30% will apply.
4 Withdrawal frequency
You have two options for withdrawing your money: annually or monthly (i.e., 12 withdrawals over the course of a year).
RRIF calculator: How much to withdraw each year?
Use our tool to better plan your retirement income.Estimate my RRIF withdrawals
FlexiFonds mutual fund advisors are here to help
FlexiFonds mutual fund advisors are just a phone call away. They're ready to answer your questions and can help you find the best solution to meet your needs. They can also help you determine your investor profile and guide you through the decisions you'll need to make when opening your RRIF.
Offering service you can trust, FlexiFonds mutual fund advisors put their expertise and skill at your disposal, with zero pressure and zero commissions. Their only goal is to help your dreams become reality by offering you sound, objective advice.
Call us at 1-833-383-2121Get to know our advisors
70% of FlexiFonds mutual fund assets are related to the local economy
Investing with FlexiFonds is a great way to keep your savings local.
Flexible products to help you make the most of your retirement
Comprising one of our three mutual funds, the RIFF with FlexiFonds allows you to reduce the risk related to your investments through its asset allocation. It's a great way to enjoy some retirement income while your savings continue to grow.
You prioritize income stability over long-term appreciation of your savings?
Looking for balance between income and savings growth?
Looking for long-term savings growth and, to a lesser extent, income?
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