RRIF

Smart investing post-retirement

Once retirement arrives, it's time to switch from adding to your savings to withdrawing from them so you can enjoy your retirement. Get more control over how you withdraw those savings - and how you're taxed - with a RRIF at Cambrian. 

Our team of advisors can help you to draw up a retirement plan that suits your unique situation. Contact your local branch and ask to speak to one of them today. 


 

Ready to get started?


Ask your branch for a referral to an advisor today.

find a branch    






Savings Accounts & GICs

 

If you're looking to start simple, our in-branch team can get you started on the spot with an RRIF containing a variable Savings Account or fixed-term GIC, to get you earning interest with no risk to your retirement savings

Savings Accounts: This account lets you earn interest at a great variable rate. You can contribute any time and there's no minimum balance, making this a great way to start your retirement savings or to make small, frequent deposits to your RRIF.

GICs: These offer a higher interest rate  than a savings account by locking in your funds for a term of one to five years. The interest rate is fixed, so you'll know exactly what you'll earn by the end of your term, and your money is guaranteed 100% by the Credit Union Deposit Guarantee Corporation of Manitoba.

Mutual funds, stocks and bonds

 

If you want to invest your RRIF funds in the market with mutual funds, stocks or bonds, Credential Securities at Cambrian has a full team of financial advisors available to help. They'll work with you to choose the right options for your situation and can help you build a full plan to prepare for retirement. Or if you prefer to buy your investments yourself, our online brokerage partner Credential Direct lets you manage your investments independently online. 

RRIF Frequently Asked Questions

What happens to your RRSP after you retire?


Many Canadians know all about RRSPs, but RRSPs are only applicable until retirement, or age 71. That’s when the RRIF, or Registered Retirement Income Fund, comes into play. While there are several ways you can withdraw funds from your RRSP, the RRIF is one of the most popular because it gives you more control over how the money is withdrawn and how you're taxed.

How does a RRIF work?

The RRIF behaves a lot like an RRSP – the money in a RRIF can still earn interest, except that you withdraw payments from it instead of contributing to it. You can set up monthly, quarterly, annual or even lump sum payments into your chequing account. You can take the minimum amount required by the government, or you can elect to take a specified amount within a year. We can also work with you to determine over what time period you would like the money to last – 10 years or 20 years and allot the payments to last for that duration.

RRIF Withdrawal Minimums

While most people choose to take larger payments out of their RRIF when they retire at 60 or 65, if you haven’t started to take payments by age 71 it’s time to start. At age 71 Canadians who have RRSPs are required by the government to start removing a minimum payment each year. Your minimum amount depends upon your (or your spouse’s) age and the amount of your RRIF. Our expert Financial Advisors at Cambrian can help you determine your minimum payments.

Mutual funds and other securities are offered through Credential Securities Inc. and Credential Direct, a division of Credential Securities Inc., which operates as a separate business unit. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual funds and other securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds and other securities are not guaranteed, their values change frequently and past performance may not be repeated.  Credential Securities Inc. is a Member of the Canadian Investor Protection Fund.