RRIF

​Overview

​What   
Offers members the opportunity to build their own long-term financial strategy

Who   
RRSP owners

Period   
RRSP must be converted to RRIF by December 31st of the year you turn 71

Why it exists

This product allows for members to manage their retirement income. Members can benefit from the extreme flexibility of RRIFs, by making withdrawals as often as needed, over the minimum annual amount.

Withdrawing

Each year, based on the Income Tax Act, Canada Revenue Agency (CRA) requires you to take out a minimum payment out of your RRIF.

This amount is determined at the beginning of every year by a calculation that uses your age, market value of the assets in your account as of December 31st of the previous year.

​RRIF payments are considered taxable income in the year funds are withdrawn and will be added to your income for tax purposes.

Please visit the Canadian Revenue Agency website for further details http://www.cra-arc.gc.ca/

​Deposit Security

​At Sharons Credit Union, depositors are 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia.