Securely convert your retirement savings into retirement income.
A RRIF is simply a Registered Retirement Income Fund that lets you convert your retirement savings into retirement income. With a RRIF, your money continues to grow tax sheltered until you make withdrawals. A RRIF account is designed to provide a steady stream of income to individuals in or nearing retirement, while offering several advantages.
- Tax-deferred growth – Payments made to you from your RRIF are taxable, but the investments in a RRIF continue to grow tax deferred until they are withdrawn.
- No limit on withdrawal – Subject to the government's minimum annual requirements, you may withdraw as much – or as little – as you want from your RRIF, whenever you want. But, consult with a professional planner or tax adviser if you plan to withdraw more than the minimum payment from RRIF.
- Transfer on death – In the event of your death, your RRIF can be transferred directly to your spouse or common law partner tax free if he or she is named beneficiary on your RRIF account.
- With our self-directed RRIF, you can choose the investments you want in your portfolio as well as withdraw money or deregister the plan at any time.
If you have spent years working hard and planning your retirement, now is the time to live it gracefully. With the popular RRIF option for providing retirement income, your investments can continue to grow on a tax-deferred basis until you withdraw them.
How LifePlan can help you maximize your RRIF potential
LifePlan works directly with major financial institutions and offers many benefits of opening a RRIF with us.
- You may want to consolidate all your retirement account and plan properly for your RRIF to last the money if you live longer than you plan.
- It can also be handy to reduce or avoid unnecessary tax when you withdraw from several client accounts or different accounts.
- We generally recommend consolidating the RRIF in to Nominee account which will simplify the money outflow from the account and can be manage easily.
Contact our Qualified LifePlan Consultant or Financial Planner Today.
Our qualified consultants will take the time to review your current investment account and see if your investments holding have the right asset allocation and are managed according to your risk tolerance.