Retirement Income (RIF) Daily Interest Savings Account

Earn interest while still taking advantage of the tax deferral of a registered account that allows you to take your annual payment or make a lump sum withdrawal.

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  • You can also call us at
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Details

Overview

Your RRSP matures in the year you turn 71 — what to do with it? Convert your RRSP into a RRIF to avoid a large tax bill and to start enjoying your retirement. Your money still accumulates tax-free until it's withdrawn in this registered savings account. With a RRIF you are required to make annual withdrawals and ATB advisors are here to help you make the right decisions to meet government regulations. Plus with this savings account, you have access to your funds at any time to meet your needs.

Pricing

  • Interest earned
  • Fees
    No fees.
  • Cashability
    • Cashable for the required minimum annual RIF payment and lump sum payments for retirement use. Also cashable at anytime.
  • Investment Plan
    • If you have an RRSP, you must decide what to do with money accumulated in the RRSP by the end of the year in which you turn 71. That's when your RRSP matures.

Additional Information

  • Other features
    • Your RRIF differs from an RRSP in that you will start making annual withdrawals. While there are regulations governing the minimum amount you must withdraw, the actual amount will depend on a variety of factors. ATB advisors help you make the right decisions for you.
    • You can withdraw any amount over the minimum, offering you the flexibility to meet unforeseen expenses or financial emergencies. Amounts withdrawn in excess of the minimum amount will be subject to withholding tax at the same rates applicable to RRSP withdrawals.
    • Just as with your RRSP, you are in control of your investment decisions—the types of investments held within the plan are up to you.
    • Because a RRIF is an investment vehicle that allows for continuing growth, it can provide protection against the erosion of your estate as you draw on the funds in retirement. Unlike an annuity, which provides a fixed benefit, your investments continue to work for you while held in a RRIF account.
    • It offers you flexibility. You can choose a RRIF now and an annuity later if you require other forms of income.

Details

Overview

Your RRSP matures in the year you turn 71 — what to do with it? Convert your RRSP into a RRIF to avoid a large tax bill and to start enjoying your retirement. Your money still accumulates tax-free until it's withdrawn in this registered savings account. With a RRIF you are required to make annual withdrawals and ATB advisors are here to help you make the right decisions to meet government regulations. Plus with this savings account, you have access to your funds at any time to meet your needs.

Pricing

  • Interest earned
  • Fees
    No fees.
  • Cashability
    • Cashable for the required minimum annual RIF payment and lump sum payments for retirement use. Also cashable at anytime.
  • Investment Plan
    • If you have an RRSP, you must decide what to do with money accumulated in the RRSP by the end of the year in which you turn 71. That's when your RRSP matures.

Additional Information

  • Other features
    • Your RRIF differs from an RRSP in that you will start making annual withdrawals. While there are regulations governing the minimum amount you must withdraw, the actual amount will depend on a variety of factors. ATB advisors help you make the right decisions for you.
    • You can withdraw any amount over the minimum, offering you the flexibility to meet unforeseen expenses or financial emergencies. Amounts withdrawn in excess of the minimum amount will be subject to withholding tax at the same rates applicable to RRSP withdrawals.
    • Just as with your RRSP, you are in control of your investment decisions—the types of investments held within the plan are up to you.
    • Because a RRIF is an investment vehicle that allows for continuing growth, it can provide protection against the erosion of your estate as you draw on the funds in retirement. Unlike an annuity, which provides a fixed benefit, your investments continue to work for you while held in a RRIF account.
    • It offers you flexibility. You can choose a RRIF now and an annuity later if you require other forms of income.

Important Information

Request More Information


  • Adding this item to cart will notify us to connect you with the right expertise
  • You can also call us at
    1 800 332 8383

You May Also Like