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your RRSP, all the money remains sheltered from tax if you move it to a Retirement Income Option and only the money withdrawn each year is taxed for that year.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.
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
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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