What is a RRIF?
A RRIF is very similar to an RRSP, but rather than contributing to your retirement savings, you use a RRIF to withdraw income for retirement. The untouched portion continues to grow tax-sheltered, just as it does in an RRSP. You can convert an RRSP into a RRIF at any time, but you must convert your RRSP to a RRIF or other income option by then end of the year in which you turn 71.

What's the difference between an RRSP and a RRIF?
The main difference is that you cannot contribute to a RRIF. Instead, the money you've been contributing into your RRSP is transferred to a RRIF to be used as income in the year you turn 71.

How can I transfer my RRIF to Implicity?
Easy! If you are already an existing Implicity member simply fill out our Direct/Transfer In form and send it to us at:

Implicity Financial
PO Box 58040 Bishop Grandin Blvd
Winnipeg, MB R2M 2R6

Can I deposit money from my other Implicity Accounts into my RRIF?
The only funds that can go into a RRIF must come from an RRSP.

How do I make a withdrawal from a RRIF?
Your RRIF withdrawal can be made annually, semi-annually, monthly or quarterly. When you first set up your RRIF at Implicity, you will need to fill out our RRIF Deposit Form, specifying your desired RRIF payment structure. Note – your RRIF withdrawal needs to be equal to or greater than your minimum annual distribution.

What is a minimum annual distribution (MAD)?
Your MAD is the amount that must be withdrawn each year after the year the RRIF Plan holder turns 71. The RRIF holder may withdraw an amount greater than the MAD amount if they wish, but cannot withdraw less.

How is the minimum annual distribution (MAD) calculated?
The MAD is calculated based on your age (or your spouse's age, as applicable) and the balance in your RRIF Plan at the beginning of each year. Basing the payments on the lower age base provides a smaller MAD, longer deferral of income, and increases the amount of payment subject to withholding tax.

When do I have to make my first minimum annual distribution?
In the first year that your RRIF is opened, you are not required to make a mandatory withdrawal. The latest you are allowed to take your first payment is December 31st in the year you turn 72, however, the payment must be at least the full minimum annual amount.

I don't need the money from my RRIF. Do I still have to make those minimum withdrawals?
Even though you may not need the funds, government regulations state that minimum withdrawals are required. You may want to consider contributing any excess RRIF payments you don't need to your Implicity High Interest Savings Account or TFSA.

Can I still withdraw funds from my RRIF in the first year?
Yes, but there will be a requirement to deduct and remit withholding tax from your withdrawal.

How do I change the payment amount details for my RRIF?
Contact an Implicity Representative at invest@implity.ca to update your RRIF payment amount frequency, start date, transfer-to account, as well as the date of birth used for RRIF payment amount calculations (if applicable).

How do I designate beneficiaries on my RRIF?
Please print and complete the RRIF Beneficiary Designation form, and mail it back to us at:

Implicity Financial
PO Box 58040 Bishop Grandin Blvd
Winnipeg, MB R2M 2R6

Note: The beneficiary that you designated on your RRSP will not transfer to your RRIF Plan.

Are there any fees to transfer my RRIF to another financial institution?
Your RRIF is fee free while at Implicity. If at some point you decide to transfer your funds to another financial institution, a $50 fee will apply.


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