In this section
RRIF
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select the length of time you wish to lock in your interest rate and ─ while there is a minimum amount required to be withdrawn each year ─ you can elect to take more if you want or need to.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 Deposit Guarantee Corporation of Manitoba.
