Registered Retirement Income Fund (RRIF)

SunRise Credit Union offers flexible RRIFs that provide members a means of supplementing retirement income through the use of funds accumulated in an RRSP. Retirement can be regardless of age.

Investment Options

• Variable (floating interest rate)
• 6 months to 5 years Fixed—Minimum deposit of $500

Features

• Most RRIF’s are purchased with RRSP funds already owned by the member, however, other sources are:
  • Direct transfer of all or part of an existing RRIF at another financial institution.
  • RRIF proceeds from a spouse when marriage breakdown occurs.
  • Proceeds where the member is Successor Annuitant (Spouse, RRIF to RRIF transfer).
• Variable plans may be withdrawn or transferred at any time – withholding tax applies.
• Long term investments are not redeemable prior to maturity.
• Minimum payment is based on a member’s age and RRIF amount.
• Members must withdraw at least the minimum payment annually.
• There is no maximum payment, and any payment level may be chosen provided it is at least equal to the minimum payment.
• Members may own an unlimited number of RRIFs.
• Amounts withdrawn are taxable.
• RRIF payments can be deposited directly to the account.
• Payments can be made monthly, quarterly, semi-annually or annually.
• Deposits are fully guaranteed by Credit Union Deposit Guarantee Corporation

Interest

• Variable RRIF interest is accrued daily and paid monthly.
• Interest is compounded annually on the anniversary date for fixed rate RRIFs.
• Interest must be compounded, as it cannot leave the plan it is sheltered in.

Pricing

• No administration fees, however a transfer-out fee may apply.