Characteristics and advantages of an RRIF
Why choose a RRIF with us?
You can invest your RRIF in our IAG Savings and Retirement Plan. This plan includes our FORLIFE Series, an interesting savings and income solution for people between the ages of 50 and 75 who are looking for stable and guaranteed income for life. Furthermore, the IAG Savings and Retirement Plan allows you to invest primarily in segregated funds, which provide protection against market fluctuations and guarantee that estate value is protected upon death. READ MORE
What is LIRA?
A Locked-In Retirement Account (LIRA), and the virtually identical Locked-in Retirement Savings Plan (LRSP), are Canadian investment accounts designed specifically to hold locked-in pension funds for former plan members, former spouses or common-law partners, or surviving spouses or partners.
What is LIF?
A type of registered retirement income fund that is used to hold pension funds, and eventually payout retirement income. The life income fund (LIF) cannot be withdrawn in a lump sum; rather, owners must use the fund in a manner that supports retirement income for their lifetime. READ MORE
Characteristics and advantages of an LIF
Why choose a LIF with us?
ACHIEVE YOUR RETIREMENT DREAMS
Review your options for “locked in” money
While RRIFs are great for people who have RRSPs, many people have money in registered pension plans, or money that they’ve transferred out of a pension plan to a locked-in RRSP or locked-in retirement account (LIRA).
While RRIFs are not an option for locked-in savings, there are similar retirement income vehicles – such as Life Income Funds (LIFs) and Locked-in Retirement Income Funds (LRIFs) – that operatemuch like RRIFs and aredesigned to hold locked-in savings. READ MORE
DID YOU KNOW?
RRIFs qualify for the $2000 pension income credit. If you are over the age of 65 and you do not have a company pension plan, you may be able to withdraw $2000 per year of income from the RRIF tax-free.
What is a RRIF?
A Registered Retirement Income Fund (RRIF) is a tax-deferred retirement plan under Canadian tax law. Individuals use an RRIF to generate income from the savings accumulated under their Registered Retirement Savings Plan. As with an RRSP, an RRIF account is registered with the Canada Revenue Agency. READ MORE
When should you open one?
You don’t have to wait until age 71 to open a RRIF – and there can be advantages to starting one earlier. For example, you may have retired and want to set up regular withdrawals but find that your financial institution won’t do this with an RRSP as these are savings vehicles and not set up to provide regular income. You may also want to transfer some or all of your RRSP assets to a RRIF at age 65 to take advantage of the $2,000 pension income tax credit. READ MORE
How do you setup RRIF
You set up a registered retirement income fund (RRIF) account through a financial institution such as a bank, credit union, trust or insurance company. Your financial institution will advise you on the types of RRIFs and the investments they can contain. You can have more than one RRIF and you can have self-directed RRIFs. READ MORE
What is the purpose of a RRIF?
Over the course of your retirement, you will convert your registered savings plan into income funds or annuities so that you may draw upon your funds as required. These options, which vary according to the type of plan that you own, allow you to regularly withdraw money while continuing to accumulate tax-free savings from investment income. READ MORE.
DID YOU KNOW?
LIF acts as an extension of a locked-in retirement account (LIRA) once you retire.