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Have you considered how a Registered Retirement Income Fund (RRIF) will contribute as part of your retirement income strategy? When you retire, you want to make sure you have stable and steady income in place to enjoy financial freedom. During your working years, an RRSP is a great way to save for your retirement and enjoy tax deferred growth on your investment, but what happens after retirement and you can no longer contribute to your RRSP? Before closing your account (which is mandatory by age 71) and taking out those investment dollars (not recommended), consider an RRIF.

A RRIF (Registered Retirement Income Fund) is an account registered with the Government of Canada and is a graduated version of your RRSP. With an RRIF, your money stays tax sheltered while in the account. However, you must withdrawal funds yearly regardless of market conditions. These payments made to you can be received monthly, quarterly or annually, and is determined by a minimum fixed percentage based on your age. Unlike an RRSP, however, you cannot make contributions into it. Instead, RRIFs only permit withdrawals so you have access to an ongoing source of income during your retirement.

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What are the benefits?

• Tax sheltered investment growth

• The bulk of your investment portfolio will remain tax deferred until withdrawn

• Although there are no maximum withdrawal limits, excessive withdrawals may deplete savings too soon

• RRIF portfolios can “roll over”, tax deferred, to a spouse upon death

• Diversified portfolio options to suit you

• Optional pension income splitting for you and your spouse, if aged 65 or older

RRIFs are a great continuation of your RRSP and a smart financial move for any retiree. If you would like to learn more about including an RRIF in your savings plan, speak with Darryl Smith today. Start making your money work harder for you; it all starts with a phone call!


With the right plan, you can retire within 10 years.

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