Registered Retirement Investment Fund (RRIF)

A Registered Retirement Investment Fund (RRIF) is a great way to invest during your retirement. It’s both flexible and secure, and offers you the chance to grow your money with less risk.

Who’s eligible?

Any member, as long as you fit the qualifications set by Revenue Canada. All RRIFs have to appear under one person’s name.

Features

Our RRIF is a flexible product – you determine how much you invest, and you determine how much is paid back to you. It’s an income, but the lump sum that you‘ve contributed over the years is held by the Credit Union.

Investment Types

You have a choice – there are variable rate accounts available, or there are fixed term rates of 1 to 5 years.

Our Rates

If you choose a variable account, your interest rates will fluctuate with the general financial market, but our fixed term deposit rates are guaranteed for the length of the chosen term (1 to 5 years).

Interest Calculation

The interest on a variable rate account is compounded semi-annually on June 30 and December 31. The fixed rate interest is compounded annually on the account’s anniversary date.

Limitations

While there’s no real minimum deposit established (you can speak to your Branch Manager for more information), you do need to deposit at least $1,000 per fixed term.

Redemptions

Basically, you receive payments from your RRIF based on the pay schedule and amounts you selected, however these are subject to a minimum payment formula‘ set by the government. That refers to the fact that the minimum withdrawal amount from the RRIF increases every year, and your payments may change to reflect that increase (unless they’re already over the minimum amount).

You’re also allowed to make lump sum withdrawals outside of the normal payment schedule, as long as you’re withdrawing from a variable account, or at the expiry date of a fixed term account.

Special note