Living well during your retirement means managing your retirement income wisely. When you terminate your RRSP, all the money remains sheltered from tax if you move it to a Retirement Income Option and only the money withdrawn each year is taxed for that year. A RRIF is a flexible retirement income option and is best suited to people who want to make their own decisions regarding their retirement income.
- Funds continue to earn interest while on deposit
- Control over amount of monthly/annual payments (minimum annual withdrawal required by legislation)
- The balance is available for survivors
- Deposit insurance protection on GIC’s
- Variable and Fixed Rate Plans available with fixed terms from 1 to 5 years
- Secure investment with principal and interest guaranteed