A Registered Income Fund (RIF) is like an RRSP in reverse. Instead of saving for retirement you use a RIF to withdraw income for your retirement. The untouched portion of your savings continues to produce tax-sheltered growth, just as it does in an RRSP. If you are no longer allowed to contribute new tax deductible funds you can still manage your investments in the same way you did with an RRSP.
You could convert your RRSP funds to a RIF at any age but you must convert your RRSP to RIF or Annuity by the end of the year in which you turn 71.
Shelter Bay Financial advisors are independent brokers – this means we have access to the majority of top level fund managers in the country and will not push you into a “house brand”.
**Note – banks are not able to sell retirement products such as life annuities – having access to a combination of retirement choices – from an independent advisor in the Greater Vancouver area - is often beneficial to your retirement plan.
