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.
The RRIF: Five important features
Everything you need to know before converting your RRSP into a RRIF.
1 Transferring from an RRSP to a RRIF
The role of the RRIF is twofold: it enables you to access retirement income from your RRSP or spousal RRSP, while your investments continue to grow. Transferring from an RRSP to a RRIF is tax sheltered.
2 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.
3 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.
4 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.
5 Withdrawal frequency
You have two options for withdrawing your money: annually or monthly (i.e., 12 withdrawals over the course of a year).
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 1-833-383-2121
Get to know our advisors70% 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.
FlexiFonds Conservative
You prioritize income stability over long-term appreciation of your savings?
FlexiFonds Growth
Looking for long-term savings growth and, to a lesser extent, income?
Most frequently asked questions
FlexiFonds
Can I transfer my savings to FlexiFonds from another financial institution?
Yes. You can transfer a TFSA or RRSP to FlexiFonds by phone or directly online. To transfer a RRIF, you will need to call us.
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: Can I transfer my savings to FlexiFonds from another financial institution?
FlexiFonds
What are the withdrawal rules for units registered in the RRIF with FlexiFonds?
There are no withdrawal conditions for FlexiFonds products. However, you must start to withdraw money from your RRIF the year after you opened it.
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: What are the withdrawal rules for units registered in the RRIF with FlexiFonds?
RRIF
When should I send a request to open a RRIF account?
Generally, there is no minimum age requirement to open an RRIF account. However, it is beneficial to open such an account when your income and income taxes payable have decreased.
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: When should I send a request to open a RRIF account?
RRIF
I'm almost 71. What should I do with my RRSP?
Since the year you turn 71 is the legal deadline for holding an RRSP, you have decisions to make. We want to be there for you during this new chapter in your life. Follow our guide to learn more about the options available to you.
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: I'm almost 71. What should I do with my RRSP?
FlexiFonds
Can I enroll in FlexiFonds products only online?
Online enrollment is simple, quick and secure. That said, FlexiFonds mutual fund advisors would be pleased to assist you by phone if needed.
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: Can I enroll in FlexiFonds products only online?
FlexiFonds
What is the role of a mutual fund advisor?
Mutual fund advisors hold the mutual fund dealing representative designation. Their role is to analyze the financial position of savers to offer them mutual funds that are tailored to their needs and their investor profile.
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: What is the role of a mutual fund advisor?
Ready to start a new chapter in your retirement savings?
Talk to a Flexifonds mutual fund advisor
Monday to Thursday, from 9 a.m. to 8 p.m., and Fridays from 9 a.m. to 5 p.m.
1-833-383-2121
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