Registered Retirement Income Fund

In the calendar year that you turn 71 years of age, you MUST convert your Registered Retirement Savings Plans (RRSPs) into Registered Retirement Income Funds (RRIFs). A RRIF is a tax sheltered investment vehicle designed to provide a retirement income after age 71 from funds which you’ve accumulated in an RRSP. Payments may be received monthly, quarterly, semi-annually or annually.

A RRIF may allow you to select the length of time you wish to lock in your interest rate and ─ while there is a minimum amount required to be withdrawn each year ─ you can elect to take more if you want or need to.

There are no fees associated with a RRIF. Every dollar put into a RRIF comes back to you, plus interest, and the interest is tax sheltered until you withdraw it. There is a $50.00 transfer out fee per term if you transfer your RRIF to another financial institution. If you have a RRIF elsewhere, we’ll transfer your RRIF to the Carpathia Credit Union simply and easily and we’ll pay any transfer fee of up to $50.00 per plan.

Your RRIF can also be transferred to a surviving spouse on a tax-deferred basis, if directed by a designation of beneficiary or by a will.

Our expert financial services representatives will discuss your options and explain all of the details of our plans. Members can choose from a Variable Rate Plan or a Fixed Term Plan:

Variable Rate

• Interest calculated on daily closing balance
• Open term; no penalties for withdrawal
• Interest rate fluctuates with market conditions

Fixed Rate

• Terms from 12 months to 60 months
• Interest compounded annually

All deposits with the Carpathia Credit Union are fully guaranteed by the Credit Union Deposit Guarantee Corporation.

RRIF FAQs
RATES | CALCULATOR | GLOSSARY