A RRIF provides you with a way to receive regular income from your matured Registered Retirement Savings Plans (RRSP), while enabling you to continue to defer income tax.
RRIFs convert your retirement savings into a steady income stream during retirement, while continuing to shelter the balance of your retirement savings from income tax. Rather than paying income tax on the entire sum of your savings, with a RRIF, you're taxed only on the amount you take into income during that year, at your prevailing marginal tax rate. The balance of your retirement savings remains sheltered from tax and continues to grow.
RRIF options available at IC Savings include:
Variable Rate Deposits
Fixed Term Deposits (1-5 years)
Self-Directed RRIF's for Mutual Funds*
