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- 55 Crockford Blvd, Scarborough, ON M1R 3B7
- hello@www.policydirect.ca
- 647-274-9670
- Monday to Friday: 9am to 6pm
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647-274-9670 -
55 Crockford Blvd,
Scarborough, ON M1R 3B7 -
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Registered Retirement Income Fund
Investing With POLICYDIRECT
Our licensed financial services representatives are here to assist you in creating a complete investment portfolio to meet your investment goals.
Portfolio With POLICYDIRECT
We utilize the traditional investment tools along with the latest investment planning techniques to create investments that work for you.
Investing Made Easy
We offer the advice, solutions and resources you need to reach your goals. And we do it in a way that always puts you first.
Registered Retirement Income Fund (RRIF)
Convert your savings into flexible retirement income
Access your money when you need it, for whatever you need it for in retirement. It’s like a Registered Retirement Savings Plan (RRSP) in reverse. An RRSP helps you save for retirement through annual contributions. A RRIF does the opposite, requiring you to take minimum annual withdrawals from your savings to help fund your retirement.
How Does RRIFs Work ?
- Convert your RRSP to a RRIF at any time, before Dec. 31 of the year you turn 71.
- Choose how you’ll invest your money.
- The government determines the minimum amount you must take out each year.
- However, you have flexibility on how much you withdraw over the minimum amount and when you’ll receive it.
- All your RRIF withdrawals are taxable as employment income.
- Use our handy calculator to see how much income you’ll get from your retirement savings.
Trusted Customers
What are the Benefits of a RRIF?
Flexibility Brings Responsibility
You can take money from your RRIF any time, with no maximum. However, the more income you take out in the short term, the more tax you may pay and the less money you’ll have left in the long term.
Estate Planning
You may designate a beneficiary for your RRIF. For a beneficiary other than your spouse, the value of your RRIF will be added to your income for the year of your death and taxed accordingly.
If your spouse is
your designated beneficiary, your RRIF’s lump sum value is passed to your spouse and remains tax-deferred. It may be reinvested in an RRSP (if your spouse is under age 69), annuity or a RRIF.
Growth
Registered Retirement Income Funds are accounts that will allow you to have extra funds available in case you need them, while also enabling you to gain interest on your investment without taxation until you pull it out.
Registered Retirement Income Fund (RRIF)
or Lifetime income Fund (LIF)?
You may have more than one type of retirement savings (i.e., pension plan, RRSP, etc.). Depending on the type, both a RRIF and a life income fund (LIF) can help you turn those savings into income.
RRIF
Convert RRSP savings to retirement income.
Minimum annual withdrawals; no maximum.
LIF
Convert pension plan savings into retirement income.
Minimum and maximum withdrawal amounts
Both
The deadline to convert your savings is Dec. 31 of the year you turn 71.
Choose a variety of investment options including segregated funds, mutual funds and more. These investments are tax-free while in the fund.
You only pay income tax on the money you withdraw each year.
You may designate your spouse as a beneficiary. The money rolls over tax-free if you die first.
The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.
Transferring Your Funds Into An RRIF
You transfer assets to the investment vehicle from your RRSP savings, RRIF, or any other Canadian retirement vehicle that offers RIFs and the carrier will make income payments to you. Registered Retirement Income Funds (RRIF) do not have to be liquidated in full at once. Usually this would be something that you really do not want to do as it can cause a large tax implication rather than saving you money on taxes, which is the purpose of these types of investment coverings. You can transfer money from your RRSP to your RRIF, and the same applies to your spouse’s RRSP if applicable. If you are considering converting your RRSP to an RRIF, make sure to ask your financial associate about the withdrawal limits and options available.
PROBLEMS
THAT WE CAN SOLVE
- Evaluating your current financial position.
- Tolerance for risk assessment strategy.
- Assessing your future financial needs and goals.
- Creating a custom investment portfolio that meets all your investment and retirement needs and goals.
- Manage and monitor your investments over both the medium and long term.
- Assist you in planning for the unexpected. Updating your financial plan if ever there are changes in your financial situation.
BENEFITS OF
INVESTMENTS
FROM POLICYDIRECT
- Free no obligation consultation.
- No out of pocket cost by you to our representative ever.
- Proprietary Analytical Software Technology to create strong performance and financial outcomes for our clients.
- Professional team of financial services associates to manage your investment portfolio.
- Professional attention and top-notch customer care.
- Ongoing consultation over the phone, on your schedule to make it easy and comfortable for you.
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