RRIFs
Registerd Retirement
Income Funds
- Minimum $500, non-redeemable
- A safe and important component of any investment portfolio
- Interest compounds on each anniversary date and notices are provided prior to maturity
Registered Retirement Income Funds (RRIFs) are a popular form of retirement income. While you do not contribute directly to a RRIF, funds can be transferred from an RRSP, another RRIF, a Registered Pension Plan, or a commuted RRSP annuity.
At age 71, all RRSP investments must be converted to a RRIF or annuity, or cashed out.
RRIFs are similar to an RRSP with the exception that you must take some taxable payments from your RRIF on an annual basis. You choose the payment level as long as it meets the minimum levels set out by the government.
Tandia has a range of RRIF products to meet all your financial needs.
RRIF INVESTMENTS - 1 TO 5 YEAR
SHORT TERM RRIF INVESTMENTS
- 3, 6 and 9 month terms, minimum $1,000, non-redeemable
- A good 'holding' vehicle for your investment while you wait to see if rates improve or to assist in timing investment maturity dates to better meet your needs
STEP RRIFS
A Step Term Deposit is an excellent investment alternative in times of low interest rates, as you are assured that each year your interest will increase. As with all our term deposits, the principal and return is guaranteed and it qualifies for deposit insurance protection.
TIERED VARIABLE RRIF ACCOUNT
- No minimum deposit
- Tiered interest - the higher your balance, the higher your interest
- Funds may be withdrawn/transferred at any time (subject to applicable withholding taxes)
At Tandia Financial Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).
GICs – Where Safe Meets Smart
Its no secret that the economy has left us all feeling a bit uneasy. It may be hard to visualize a great option for your savings right now. But worry not, we’ve got the solution! Tandia GICs are safe and secure, and offer a great (and guaranteed!) return. No matter your age or stage of life, feel confident that you’re making a wise move.
Your Secret Weapon for Savings -
All About TFSAs
You probably know that TFSA stands for Tax-Free Savings Account, but do you know how it can work for you? A TFSA is a savings account that allows you to earn investment income (such as interest and dividends) tax-free. That’s right, I said it – TAX-FREE!
Investing in Yourself with a Financial Advisor
Want to start saving for your future but don’t know where to start? Feel like you need a crystal ball to make wise financial decisions? Working with an advisor isn’t just for the rich and famous – their advice is something everyone can benefit from!
RRIF Tips and Planning
An RRSP helps you save for retirement through annual contributions, a RRIF helps fund your retirement through annual withdrawals. You can convert your RRSP to a RRIF at any time before the end of the year in which you turn 71. You’re required to start drawing RRIF income by the end of the calendar year in which you turn 72.
For maximum tax deferral benefits, you want to withdraw as little as possible from your RRIF for as long as possible. Withdrawing only the mandatory minimum amount from your RRIF allows your funds the opportunity to increase in value and last longer. You can choose to take a lump sum from your RRIF each year, but it’s not the only option: you can choose any schedule that's right for you – weekly, monthly, quarterly or yearly.
Even if you don’t need your RRIF income immediately, it’s important to plan ahead and maximize your withdrawals so you don’t pay more tax than you need to. Contact or book an appointment with one of our Financial Advisors. Let us help you set up a retirement plan that works for you.
Do you have what you need?
Our Retirement Planning Calculators determines the amount of savings that you'll need to retire comfortably. By flagging any shortfalls or surpluses, the Calculator outlines the savings required to reach your financial goals for retirement.
Let's get started
With the right planning, retirement doesn't have to be scary. We are here to help you build your goals and ensure you have a strong and secure financial future. Visit a branch, book an appointment or call our Member Solutions Centre at 1-800-598-2891. Let us help you grow your wealth.
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