In the calendar year that you turn 71 years of age, you MUST convert your RRSPs into RRIFs. An RRIF is a tax sheltered investment vehicle designed to provide a retirement income after age 71 from funds which you have accumulated in a Registered Retirement Savings Plan. Payments may be received monthly, quarterly, semi-annually or annually.
An RRIF allows you to take control of your investment. An RRIF allows you to select the length of time you wish to lock in your interest rate and while there is a minimum amount required to be withdrawn each year, you can elect to take more if you want or need to.
There are no fees associated with a RRIF. Every dollar put into a RRIF comes back to you, plus interest, and the interest is tax sheltered until you withdraw it.
Your RRIF can be transferred to a surviving spouse on a tax-deferred basis, if directed by a designation of beneficiary or by a will.
Choose from a Variable Rate plan or a Fixed Term plan.
All Swan Valley RIF products enjoy no registration or opening fee. All deposits with the Swan Valley Credit Union are fully guaranteed by the Deposit Guarantee Corporation of Manitoba.