RRIF
Registered Retirement Income Fund

In the calendar year that you turn 69 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 69 from funds that 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to select the length of time you wish to lock in your interest rate and while there is a minimum amount required to be withdrawn each year, you can elect to take more if you want or need to.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.

Variable Rate:

• Interest calculated on daily closing balance
• Open term; no penalties for withdrawal
• Interest rate fluctuates with market conditions

Fixed Rate:

• Terms from 12 months to 60 months
• Interest compounded annually

All deposits with Strathclair Credit Union are fully guaranteed by the Credit Union Deposit Guarantee Corporation.