RRIFs

If you are looking to draw on your RRSP funds or are nearing retirement, our knowledgeable staff at your local branch, or one of our Credential Financial Strategies Inc. Representatives can help you determine the best plan for your retirement savings.

A few answers about some frequently asked RRIF questions:

  • All deposits and accrued interest with our credit union are 100% guaranteed by the Credit Union Deposit Guarantee Corporation
  • Transferring an RRSP to a RRIF can begin earlier than age 71
  • The required annual minimum payment typically begins the year after transfer; can be re-scheduled as monthly, quarterly, or semi-annual payments, so that you receive income in regular periodic payments
  • Tax is not withheld on the minimum payment
  • The minimum payment is typically drawn from the investment bearing the lowest interest rate
  • At the outset, you may choose to base your RRIF on your spouse’s year of birth, instead of your own.  What this means, is if you choose the age of your spouse who is younger than you, then your minimum payment will be lower, allowing RRIF funds to remain on deposit longer, earning tax-sheltered income. If you select the age of your spouse who is older than you, then the minimum payment will be higher each year, depleting RRIF funds sooner.

View our RRIF products.


Credential Financial Strategies Inc. is a member company under Aviso Wealth Inc., offering financial planning, life insurance and investments to members of credit unions and their communities.