RRIFs

A Registered Retirement Income Fund (RRIF) is a government-approved means of providing a maturing option for RRSPs. Funds can be transferred from RRSPs, another RRIF or a Registered Pension Plan.

All RRSPs must be wound up by the end of the year in which the plan holder turns 71 years of age. One such option that can be utilized is a RRIF. A RRIF provides you with a regular stream of income. The government mandates a minimum amount that must be withdrawn annually from the plan, however any amount above the minimum requirement may be withdrawn. All monies withdrawn become taxable income in the year of withdrawal.

Belgian-Alliance Credit Union offers flexible withdrawals that can be made on a monthly, quarterly or annual basis. RRIF terms are available in fixed lengths ranging from 1 to 5 years or as a variable option.

All deposits guaranteed without limit by the Deposit Guarantee Corporation of Manitoba.

Life Income Funds (LIF) are also available for certain jurisdictions. Contact your branch for details.

 

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