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C.U. for Registered Retirment Income Funds (RRIF).

What is an RRIF?

A Registered Retirement Income Funds (RRIF) is one of the maturity options for an RRSP. A RRIF can hold the same investments as an RRSP, but is subject to a minimum yearly withdrawal.

We C.U. so you save money and pay less tax every step of the way. Transferring your funds to a credit union RRIF lets you spread out the payments and taxes over a number of years, so you save more money! Remember, you’re in control and can make partial withdrawals at any time. You can also enjoy tax credits because RRIF income qualifies for the Pension Income Tax Credit and Income Splitting at age 65. If your spouse is younger, payout of the plan can be based on his or her age rather than yours, minimizing your RRIF withdrawals and the tax you pay.

Although there is an annual mandatory minimum amount you must withdraw, it's up to you how and when you want to receive this amount.

While you can also close your RRSP at any time, you're required to do so by December 31st of the year in which you turn 71 years of age. If you withdraw all your RRSP savings at that time, you'd have to pay tax on the full amount.

The Credit Union will take good care of you when transferring your RRSP money to a RRIF, whether the funds are at The Credit Union or being moved over from another financial instituion.

Remember, we offer complimentary Financial Planning to help you with your long-term investments.

Choose the right RRIF investment for you

Savings

With a variable rate savings, you'll begin earning interest as soon as you make a deposit. Interest is calculated on your daily closing balance. Interest is paid semi-annually on June 30th and December 31st. There is no minimum monthly balance requirement and you will receive quarterly statements of all transactions (with the exception of Internet Home Banking users). Your savings will only go up and are protected by Deposit Insurance Corporation of Ontario (DICO).

Term Deposit

The Credit Union offers a variety of Term Deposits with a guaranteed return and competitive rates. They earn higher interest than a regular savings investment. Terms are available in convenient increments 1 to 5 years. They have a guaranteed return and are protected by the Deposit Insurance Corporation of Ontario (DICO). The Credit Union’s posted rates are often higher than most major financial institutions and interest is paid at maturity.

Mutual Funds

The Credit Union and WorldSource Financial Management Inc. have partnered to provide you with access to over 2,700 different funds from over 50 recognized mutual fund companies. A Financial Advisor from The Credit Union can get you started by explaining all of your options, creating a customized portfolio that you're comfortable with and answering any questions you may have. If you already have an investment portfolio, The Credit Union will review your current portfolio statements with you, do a comparison on what you've got and what you could have and make suggestions about how you can improve the overall performance of your investments.

Disclaimer: Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Mutual funds are not guaranteed and are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Fund values change frequently and past performance may not be repeated. Worldsource Financial Management Inc., sponsoring mutual fund dealer. Additional products and services provided through Ontario Civil Service Credit Union Ltd.

All information provided is believed to be accurate and reliable, however, we cannot guarantee its accuracy. Worldsource Financial Management Inc. will not be held liable for any inaccuracies in the information presented, nor will they be held liable for any software damages resulting from the use of this website. Mutual funds are offered in Canada only.

To get started, contact C.U. Member Assistance in Toronto at (416) 314-6772 or from anywhere in Canada and Continental US toll-free at 1-888-516-6664. Or simply email memberassistance@mycreditunion.ca or talk to your Personal Account Manager today.