RRIFs

If you're about to turn 71, it's time to start thinking about the next phase of your investment plan. You have until December 31 of the year in which you turn 71 to convert your RRSP to an income-generating vehicle.  A RRIF allows an investor to convert his or her retirement savings into retirement income.  There is a minimum annual withdrawal required each year based on the value of the RRIF and the plan holder’s age (or spouse’s age) at the beginning of the year the withdrawal takes place. The payments made to you from your RRIF are taxable, but the investment in a RRIF continues to grow tax-deferred until they are withdrawn. The most popular choice is a Registered Retirement Income Fund, or RRIF.

SPECIAL NOTICE: There have been changes to the 2015 Canada Revenue Agency RRIF Minimums

The 2015 Federal Budget released measures to reduce the withdrawal factor for Registered Retirement Income Funds (RRIFs) for annuitants between the ages of 71 and 94. These changes are effective retro-actively to January 1st, 2015.

If you have any questions about these changes, please read the Frequently Asked Questions or Contact Us to schedule an appointment with your Smart Advisor to discuss your retirement income options.


 

Investment Options

RRIFs are available in all the same types as RRSPs.

Community First offers a wide range of RRIF investment options.

The selection of a retirement income option depends entirely on your personal situation:

  • Health
  • Present Income & Tax Brackets
  • Cash Requirements
  • Estate Preservation Goals
  • Desired Inflation Protection

At Community First, we want to help you determine what type of RRIF investment options will work best for you.

To inquire about one of our RRIF investment options, just call or visit one of our experienced and professional employees.

Contact Us >

 

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