RRIF

Registered Retirement Income Fund
In the calendar year that you turn 71 years of age, you MUST convert your RRSPs into RRIFs. An RRIF is a tax sheltered investment vehicle designed to provide a retirement income after age 71 from funds which you have accumulated in a Registered Retirement Savings Plan. Payments may be received monthly, quarterly, semi-annually or annually.

An RRIF allows you to take control of your investment. An RRIF allows you to select the length of time you wish to lock in your interest rate and while there is a minimum amount required to be withdrawn each year, you can elect to take more if you want or need to.

There are no fees associated with a RRIF. Every dollar put into a RRIF comes back to you, plus interest, and the interest is tax sheltered until you withdraw it. There is a $25.00 transfer out fee per term if you transfer your RRIF to another financial institution. If you have a RRIF elsewhere, we will transfer your RRIF to the Gimli Credit Union simply and easily and we will pay any transfer fee of up to $25.00 per plan.

Your RRSP can be transferred to a surviving spouse on a tax-deferred basis, if directed by a designation of beneficiary or by a well.

Choose from a Variable Rate plan or a Fixed Term Plan.

Variable Rate:

• Interest calculated on daily closing balance
• Open term; no penalties for withdrawal
• Interest rate fluctuates with market conditions

Fixed Rate:

• Terms from 12 months to 60 months
• Relationship Pricing (bonus interest) available
• Interest compounded annually

All deposits with the Gimli Credit Union are fully guaranteed by the Credit Union Deposit Guarantee Corporation.

RATES | CALCULATOR