An RRIF is an investment plan available for the conversion of RRSP funds into retirement income, while still continuing the deferral of taxes until the funds are withdrawn. An RRIF can be started at any time, but must be established no later than the end of the year in which you reach your 71st birthday.

You are required to take into taxable income a minimum amount each year from your RRIF investment. The minimum amount is established at the beginning of each year. If you wish, you may also withdraw additional funds. There is no maximum payment amount. For your convenience, RRIF payments can be deposited directly to your account. As well, easy to read statements are mailed to you at no fee each month.

Most RRIFs are purchased with RRSP funds held by you. However, the following may also serve as a source for RRIF deposits:

  • Direct transfer of all or part of other RRIF funds that belong to you.
  • RRSP or RRIF proceeds received from your spouse or former spouse dependent upon a decree, order or judgment of a competent tribunal or a written separation agreement; or 
  • Proceeds received from an RRSP in which you are designated beneficiary of your spouse.

An RRIF is a smart alternative because it gives you the flexibility to adjust your income level at any time. You can choose any payment level you want, you can change your payments from year to year, and you are able to buy as many RRIFs as you want. It's your decision about what type of investment you want so you can choose the plan that is best suited for you. Various plans are available, including variable-rate savings and fixed-term deposits.

Flexible Product Options Expand/Collapse

Stride Credit Union has various types of RRIFs available and regular RRIF payments may be made monthly, quarterly, semi-annually or annually. $5,000.00 is the initial minimum deposit required. The minimum payment amount depends on your age and amount you have in your RRIF.

Flexible RRIF options include:

  • Variable-Rate RRIF – Your interest rate varies with changing marketplace.
  • Fixed-Term RRIF – Earn a fixed rate of interest for the time period you select.
The flexibility a RRIF offers makes it the ideal vehicle to meet a wide variety of your income requirements.

Current Income – There's no maximum limit on the amount of income that you can receive in any year and payments can either begin immediately or commence no later than December 31 of the following year.
Inflation Protection – The minimum payment option lets you start small and increase each year; an ideal hedge against inflation.

Protection for Spouse/Dependents – Should you pass away before your RRIF is depleted, payments can be transferred to your spouse, if your spouse is your designated beneficiary; or the remaining funds can be distributed according to your will.

Continued Savings – With RRIFs, you have the option to make lump sum withdrawals for any purpose. For example, if you need extra money for a financial emergency, you can withdraw some of your RRIF money today for that purpose.

Tax Shelter – Take the least taxable income permitted by law and your investments continue to grow, free of tax, while they remain in the RRIF.

Invest in a RRIF

If you're interested in an RRIF and would like to know if it's the right option for you, simply meet with a Financial Advisor by clicking the button below and filling out our online form, or call or visit our Main Branch.