1. What is it?
A Registered Retirement Income Fund (RRIF) is a means of continued tax deferral for people whose RRSPs are maturing at age 69 by providing regular payments at retirement.

2. How does it work?
A RRIF is similar to continuing an RRSP after age 69, with the exception that you must take some taxable payments from the RRIF. When you desire to receive income from your RRSP, you can invest your savings into a RRIF. You establish the payment frequency and amounts to be paid to you, providing maximum control and flexibility with your retirement investment. There is no maximum payment level.

3. Can anybody purchase a RRIF?
RRIFs can only be purchased by RRSP funds. There is no longer a minimum age requirement for the purchase of retirement income. You must purchase your retirement income before the end of the calendar year in which your 69 birthday occurs.

4. Why wouldn’t I just cash in my RRSPs at retirement instead of putting them in RRIFs?
If an RRSP is cashed, the entire amount becomes taxable. With an RRIF, only the payment amounts for the year are taxed. The rest of the investments continue to grow, tax deferred, while they remain in the RRIF.

5. How safe are my RRIFs at Carpathia?
All deposits are fully guaranteed by The Credit Union Deposit Guarantee Corporation, giving you security and peace of mind.

BACK TO RRIF
RATES | CALCULATOR | GLOSSARY