RRIFs
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- There is a required annual minimum amount, based on age and balance, that must be withdrawn each year, except in the year of set up.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.
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
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| Long Term (Term/RRSP/TFSA/RRIF) |
Rates |
| 1 Year Cashable |
0.30% |
| 1 Year Non-Redeemable |
0.45% |
| 2 Year Non-Redeemable |
0.50% |
| 3 Year Non-Redeemable |
0.60% |
| 4 Year Non-Redeemable |
0.75% |
| 5 Year Non-Redeemable |
0.90% |
| 3 Year Progressive (Term/RRSP/TFSA/RRIF) |
Rates |
| Year 1 |
0.45% |
| Year 2 |
0.55% |
| Year 3 |
0.80% |
| Effective Rate |
0.600% |
| 3 Year Progressive (Term/RRSP/TFSA/RRIF) |
Rates |
| Year 1 |
0.45% |
| Year 2 |
0.55% |
| Year 3 |
0.80% |
| Effective Rate |
0.600% |
| 5 Year Progressive (Term/RRSP/TFSA/RRIF) |
Rates |
| Year 1 |
0.45% |
| Year 2 |
0.60% |
| Year 3 |
0.95% |
| Year 4 |
1.15% |
| Year 5 |
1.30% |
| Effective Rate |
0.889% |
| Variable Rate (RRSP/TFSA/RRIF) |
Rates |
| Variable Rate RRSP/RRIF |
0.250% |
| Variable Rate TFSA |
0.100% |
