Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC Shoreline Financial in Victoria BC Shoreline Financial in Victoria BC Shoreline Financial in Victoria BC


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Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC

Registered Retirement Income Funds (RRIF)

Registered Retirement Income Funds (RRIF), as the name implies, have one function, to provide a flow of income from maturing RRSP contracts. At present, Revenue Canada requires that by December of the year that a person reaches age 69, a decision must be made. Specifically, the decision to close existing RRSPs with a lump sum withdrawal, or to convert existing RRSPs to a RRIF.

Advantages:

  • transferable within financial organizations
  • different investment options are available
  • payments may be received monthly or annually
  • may be converted to an annuity
  • tax is withheld at the source
  • principle may be creditor proof
  • customized payment plans (subject to minimum requirements)

Disadvantages:

  • access to capitol could reduce principle
  • payments are not creditor proof
  • payments stop at age 100
  • For additional information or answers to specific questions please contact our office.


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