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    RRIF - Registered Retirement Income Fund

    RRIF - a Registered Retirement Income Fund is a continuation of an RRSP. The main difference is, instead of contributing to your RRSP plan, a RRIF provides you with an orderly payout of your RRSP funds to supplement your income, or, for retirement income purposes. A minimum amount must be withdrawn each year.

    When do I have to convert my RRSP to a RRIF?

    According to the Income Tax Act, you must convert any RRSP that you have into a CRA approved product no later than December 31 in the year that you turn 71. A RRIF is such a qualified investment product. You can arrange for a RRIF at any time during your life, however, once it is arranged, the specific funds in that RRIF cannot be put back into an RRSP.

    When do I have to start receiving payments from a RRIF and how are these payments calculated?

    You must receive your first minimum payment before December 31 of the next year. The amount of your annual minimum payment is based on your or your spouse's age and the value of the RRIF.

    In our Credit Union, depending on your financial needs, RRIF payments can be received annually, semi-annually, quarterly, monthly, biweekly, or weekly.

    How are my RRIF payments taxed?

    All RRIF payments are subject to income tax in the year that income is received. At the beginning of the following year, our Credit Union will send you a tax slip for all RRIF withdrawals.

    You can always withdraw any amount in excess of the minimum payments; however, payments received are subject to withholding tax at the following percentages:

    • 10% -payment is less than $5,000;
    • 20%-payment is more than $5,000 but less than $15,000
    • 30%-payment is more than $15,000.

    No withholding tax is required on minimum payments.

    What can I do with my locked-in RRSP?

    Your locked-in RRSP can be converted to a LIF (Life Income Fund). This plan is similar to a RRIF and can provide you with the same tax deferral benefits. For more information, please contact our Investment Department.

    What investment options are available in our Credit Union?

    Our Credit Union offers:

    • Variable Rate Tiered Savings where the interest rate fluctuates with the market.
    • Fixed Rate Non-Redeemable Terms, for terms of 1 to 5 years with a guaranteed rate of return, compounded annually.
    • Index-Linked Deposit
    • Mutual Funds Investments are available to all members of our Credit Union through Credential Asset Management Inc. For more information, please contact our Credential Asset Management representative.

    Mutual Funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured or guaranteed and are not covered by the Canada Deposit Insurnace Corporation of by any other government deposit insurer that insures deposits in credit unions. Their values change frequently and past performance may not be repeated.

    Death of the Plan Holder

    In the event of death, the RRIF can be paid in full to your spouse, designated beneficiary or to your estate. Your RRIF can also be transferred to the registered plans of your spouse or dependants. You can also designate that your RRIF payments continue to be paid to your spouse.

    Can I transfer my RRIF from other institution?

    Yes, you can! All you need to do is to visit your nearest Credit Union branch and bring your RRIF statement. Our Credit Union staff will gladly take care of the rest. You will find that it is very convenient to keep all of your RRIF plans at our Credit Union.

    Unlimited Deposit Insurance Coverage!

    The combined money you have in eligible RRIF plan is automatically covered in FULL by the Financial Services Regulatory Authority of Ontario (FSRA), with no maximum limit. Deposit Insurance is backed by provincial legislation and is part of a comprehensive protection program in all Ontario credit unions.

    For further information on deposit insurance, please ask for a brochure at the credit union or visit FSRA's website at