While there is an annual mandatory minimum you must withdraw, it's up to you how and when you want to receive this amount.
RRIF income qualifies for the $1,000 Pension Income Tax Credit.
Avoid a large, one-time tax bill by transferring funds from your RRSP into a RRIF and make partial withdrawals at any time.
If your spouse is younger, payout of the plan can be based on his or her age rather than yours. That way, you can minimize your RRIF withdrawals and the tax you pay.
At The Police Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).
We want to help you save money and pay less tax every step of the way
Find out how much you can earn on your RRIF with our RRIF calculator.