A Registered Retirement Income Fund (RRIF) helps you manage your money after retirement
Just because you stop working, it doesn't mean your money should
How does an RRIF work?
- Consolidate your RRSP accounts when you’re ready to start using your money and convert to a RRIF.
- Convert your RRSP to a RRIF by the end of the year you turn 71—or sooner if you need the income. Your investments transfer directly and do not have to mature or be liquidated.
- Set up scheduled withdrawals the year after you open your RRIF. This can be any amount, as long as you meet the minimum annual withdrawal as set out by federal regulations.
- Report withdrawals as income on your tax returns. RRIF funds are taxable in the year you withdraw them.
When can I convert RRSP to RRIF?
How does ownership work?
What are my retirement income options?
How do I make withdrawals?
What about contributions?
Manage Your Wealth
Sometimes, your financial needs go beyond traditional banking products. Choose to invest your money in Mutual Funds or other securities. Through Credential Asset Management Investment professionals at Rocky Credit Union, we can provide access to a comprehensive line of investments, including a variety of mutual fund companies.