In the calendar year that you turn 71 years of age, you MUST convert your RRSPs into RRIFs. A RRIF is a tax sheltered investment vehicle designed to provide a retirement income from funds which you have accumulated in a RRSP. Payments may be received monthly, quarterly, semi-annually or annually.
A RRIF allows you to take control of your investment. A 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to select the length of time you wish to lock in your interest rate and while there is a minimum amount required to be withdrawn each year, you can elect to take more if you want or need to.
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 deposits with the Swan Valley Credit Union are fully guaranteed by the Deposit Guarantee Corporation of Manitoba.