RRIF (Non-Registered Retirement Income Fund)
For when it’s time to retire – CEIRP offers you a solution to help you seamlessly transition into retirement.
- A RRIF is a flexible source of retirement income. Although the government requires you to take out a minimum amount each year, there’s no maximum withdrawal limit. This means you can adjust your income payments from one year to the next to help meet your changing income needs or financial obligations.
- Just like your RRSP, a RRIF allows you to continue to defer taxes.You don’t pay tax on the money in a RRIF as long as it stays there. This includes any money you make from investing. You only get taxed on payments you receive from a RRIF.
- You must transfer money out of your RRSP by the end of the year in which you turn 71, and you must begin receiving an income no later than the end of the following year. This income is taxable in the year you receive it.
- Canada Life will contact you in the year you turn 71.
| FEATURE | BENEFIT |
|---|---|
| No maximum withdrawal amounts | You can adjust income payments to meet your needs |
| Choice of investments | With a variety of investments, there’s potential for growth of your RRIF savings |
| Estate preservation | If there’s money left in your RRIF when you die, it goes to your beneficiaries or estate (less applicable taxes) |
Resources: Learn more about RRIFs at canadalife.com.
Have questions or need help? Call the Canada Life Access Line at 1-855-729-1839 to speak with an investment and retirement specialist.
Forms: Get all RRIF-related forms at mycanadalifeatwork.com > Sign in> Select Change your portfolio> Printable forms
Did you know?
You must transfer money out of your registered retirement savings plan by the end of the year in which you turn 71, and you begin receiving an income no later than the end of the following year. This income is taxable in the year you receive it.
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