Registered Retirement Income Fund (RRIF)
A Registered Retirement Income Fund (RRIF) is like a registered retirement savings plan (RRSP) in reverse. Contributions made to your RRSP throughout your working years grow on a tax-deferred basis. When you need to begin receiving income or at the latest by the end of the year you turn 71, you must convert your RRSP to a RRIF. An RRIF is designed to provide you with income while keeping the assets retained in your RRIF tax-deferred.
Asset Management
- An RRIF lets you keep your registered retirement savings tax-deferred, even after you close your RRSP (required by age 71).
- Your savings remain invested, continuing to generate income.
- Choose a Guaranteed Interest Account with a fixed rate of return, or our popular FORTRESS® Investment Funds.
- Flexible income schedule.*
- Make as many lump-sum withdrawals as you like (transaction fees may apply).
- In addition to scheduled payments, you can make one lump-sum withdrawal annually free of charge.
- Begin with a minimum $10,000 transfer from your RRSP (only registered funds can be placed in a RRIF); once established, you can transfer funds of $500 or more.
Professional Counsel
An RRIF can provide you with a long-term and flexible source of retirement income, but it requires ongoing management to avoid running out of funds. Remember, only a life annuity can provide guaranteed lifelong income. Talk to your representative about the plan (or combination of plans) that's right for you.
Guaranteed Benefits
In the event of your passing, the value of your RRIF account(s) becomes a death benefit payable to your beneficiary or estate.
Benefits of Membership
When you purchase an SPIA you also receive the benefits of membership - people who care, information to help throughout life, and a means for you to be of help to others. Talk to your FaithLife Financial Representative today or contact our Head Office for more information.
*All RRIF policies must comply with Revenue Canada guidelines.
Subject to any applicable death and maturity guarantee, any part of the premium or other amount that is allocated to a segregated fund is invested at the risk of the contract holder and may increase or decrease in value according to fluctuations in the market value of the assets of the segregated fund
