Living well during your retirement means managing your retirement income wisely. When you terminate your RRSP, all the money remains sheltered from tax if you move it to a Retirement Income Option and only the money withdrawn each year is taxed for that year. A RRIF is a flexible retirement income option and is best suited to people who want to make their own decisions regarding their retirement income.
Benefits:
Funds continue to earn interest while on deposit
Control over amount of monthly/annual payments (minimum annual withdrawal required by legislation)
The balance is available for survivors
Deposit insurance protection on GIC’s
Features:
Variable and Fixed Rate Plans available with fixed terms from 1 to 5 years
Secure investment with principal and interest guaranteed
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