Contact one of our branches.

HEAD OFFICE 

208-73 N. Cumberland Street

Thunder Bay, Ontario

P7A 4L8

Phone:  (807)286-5341

Fax:  (807)286-5342

Email:  geoff@blueharbourfinancial.com

Open Monday to Friday

By appointment only Saturday and Sunday

ALBERTA

206 Pembina Road

Sherwood Park, Alberta,

T8H 0L8

Phone:  (587)785-9559

Fax:  (807)286-5342

Email:  ryley.hughes@cartewm.com

BRITISH COLUMBIA ​

3172 Golden Link Crescent

Vancouver, British Columbia

V5S 4M3

Phone:  (604)437-3600

Fax:  (778)371-9078

Cell:  (604)782-4334

Email:  wayne.canary@cartewm.com

ONTARIO

Fortax Corp.

2 St. Clair Ave. West, 18th Floor

Toronto, Ontario

M4V 1L5

Phone:  (416)220-6428

Email:  michael.fortin@cartewm.com

Registered Retirement Income Fund (RRIF)

A Registered Retirement Income Fund (RRIF) is an RRSP in reverse. An RRSP is a savings plan that you contribute to, a RRIF is an income distribution plan that provides you with a payment.

Converting your retirement savings to a RRIF allows you to continue receiving similar tax benefits as you would with your RRSP. An RRSP can be rolled into a RRIF at anytime, but you are not required to do so until the end of year in which you turn 71.

BENEFITS

  • A constant stream of income during retirement

  • RRIF payments are similar to personal pension plan payments

  • Investments continue to grow on a tax-free basis within the plan

  • Income tax is deferred on the amount transferred until a withdrawal is made and you choose how the money within the RRIF is invested

 

ANNUAL WITHDRAWALS FROM A RRIF

You must withdraw a minimum amount from the RRIF each year after the RRIF is opened. The minimum is based on a set formula that takes into consideration your age or your spouse's age and the market value of the account on January 1 of the withdrawal year.

 

ROLLOVER BASICS

  • An RRSP can be rolled into a RRIF at any time, but you are not required to do so until the end of the year in which you turn 71; at which time the RRSP matures and must be converted to either a life annuity or a RRIF, or deregistered.

  • To convert an RRSP to a RRIF, a RRIF account needs to be set up first and then assets from the RRSP can be transferred over "in kind", without incurring dispositions.

  • A final RRSP contribution can be made until December 31 in the year that you turn 71.

Contact a Retirement Specialist