By December 31st of the year in which you turn 71 Canadian law requires you to choose a retirement income option for your RRSP.

A TCU Financial Group Registered Retired Income Fund (RRIF) is a flexible retirement income investment plan for tax deferral. It works much like an RRSP except instead of making annual contributions, you receive income payments each year. 


  • Funds for a RRIF can come from your RRSP, a commutable annuity, a Registered Pension Plan, a Deferred Profit Sharing Plan, or another RRIF with a minimum $5,000 balance required to open the plan.
  • You can transfer your RRSP funds to a RRIF at any age.
  • Plan holder makes the investment decisions for the RRIF.
  • Funds in a RRIF remain tax sheltered until received.
  • No set up or annual maintenance fees.
  • Flexible payment options - monthly quarterly, semi-annual or annual payments available with no fee.*
  • One free unscheduled withdrawal per year.** Subsequent unscheduled withdrawals are subject to a fee as outlined in the TCU Accounts and Fees Guide.
  • There is a required annual minimum amount, based on age and balance, that must be withdrawn each year, except in the year of set up.
  • Changes to scheduled payments permitted once per year. ***
  • Free online viewing capabilities and annual statement available.
  • Current investment rates can be found here.

Investment Options

RRIFs are available in the following forms:


  • *Payments must be set up for the 15th or 28th day of the month
  • **Funds must not be locked in to make an unscheduled withdrawal (in a variable rate deposit or cashable term deposit).
  • ***Changes must be requested by April 30th
  • Transfer out requests are subject to a transaction fee as outlined in the TCU Accounts and Fees Guide unless transferred to TCU Wealth Management
  • Your deposits are fully guaranteed by Credit Union Deposit Guarantee Corporation
  • Valid Social Insurance Number (SIN) is required to open a RRIF
  • All automatic payments must be made to an account held at TCU
  • TCU offers various types of locked in RRIFs to handle your pension funds

Get Started Today

Long Term (Term/RRSP/TFSA/RRIF) Rates
1 Year Cashable 0.30%
1 Year Non-Redeemable 0.55%
2 Year Non-Redeemable 0.85%
3 Year Non-Redeemable 1.15%
4 Year Non-Redeemable 1.35%
5 Year Non-Redeemable 1.45%
Variable Rate (RRSP/TFSA/RRIF) Rates
Variable Rate RRSP/RRIF 0.250%
Variable Rate TFSA 0.100%