Registered Retirement Income Funds (RRIFs)
A RRIF is a tax shelter that looks like an RRSP with one important exception: instead of contributing to your plan each year you withdraw a retirement income. According to tax laws, you must convert your RRSP to a RRIF by December 31 of the year in which you reach age 71, and withdraw each year thereafter, a minimum amount required by law.
Desjardins Online Brokerage calculates this amount for you based on current tax rules.
- You can transfer investments held in your RRSP to your RRIF (stocks, mutual funds, fixed income securities);
- Capital gains and investment income accumulate tax-free;
- Periodic payments can be automatically transferred to your account at the financial institution of your choice;
- You can leave the balance of your RRIF to your heirs.