By December 31 of the year during which you turn 71, you are required to collapse your RRSP’s. One way to maintain control of your funds and reduce taxation is a RRIF. Many plans and options are available to suit your retirement needs.
This account is similar to a savings account.
Interest is calculated on the daily closing balance and compounded annually.
Your money can be transferred to other credit union investment instruments at any time.
A RRIF Term Deposit gets you a solid, predictable rate of return for as long as you are willing to lock it in. Best of all, the rate is guaranteed, so you know in advance what your investment will be worth at maturity.
Competitive rates and fully guaranteed
Term options from 1 to 5 years
Terms are non-redeemable