Registered Retirement Income Plan (RRIF)

Note to RRIF Holders

Due to changes in the Federal Budget for 2015, you have the opportunity to re-contribute the difference between the old and new minimum RRIF factors.  Please speak to a Member Services Representative at your branch for more detail.

Revised RRIF Declaration of Trust 2015

Download the Credit Union RIF Declaration of Trust here.

To meet the requirements of the Income Tax Act, wording about non-qualified investments and prohited investments were added to Clause 1 and Clause 5 of the Declaration of Trust.  Also, the "advantage" wording in Clause 12 was revised to match the current wording of the Income Tax Act.

The following additional changes were made to the Declaration of Trust:

Clause 10 - Death:  Wording has been clarified.
Clause 17 - Resignation or Removal of Trustee:  The wording has been expanded, and notably, the notice requirement has been reduced to 30 days from 60 days.
Clause 18 - Application for Advice and Direction:  This is a new clause, explicitly giving the Trustee the authority to apply to court for advice and direction where there is a dispute over the entitlement of the Fund proceeds on death or relationship breakdown.

Further minor amendments were made througout the Declaration of Trust.  For further information, please contact your branch.

Registered Retirement Income Fund

A Registered Retirement Income Fund (RRIF) is one of the most flexible income options. Your RRIF is designed to provide payments to you in any amount you choose, subject to an annual minimum amount. And don’t worry – the payment you select today can be changed tomorrow. Another benefit is the fact that you control the types of investment for your RRIF. At death, the balance is available to your beneficiary(s).

A RRIF is an ideal choice for members who want a flexible plan, who want to make their own decisions regarding retirement income, and also for estate preservation. You have a wide variety of investment options for your RRIF including savings accounts, term deposits, mutual funds*, stocks* and bonds*.

Most retirement income option investors consider security of prime importance. Before you make your investment choices, ask about deposit insurance protection. There is no insurance against loss on mutual funds, stocks or bonds held in your RRIF.

*Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, cash balances, mutual funds and other securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds and other securities are not guaranteed, their values change frequently and past performance may not be repeated.


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