Kootenay Savings offers Registered Retirement Income Funds (RRIFs) with a variety of investment choices.

A RRIF is similar to a Registered Retirement Savings Plan (RRSP), with the exception that you must take some taxable payments from the RRIF. Kootenay Savings offers fixed-rate and variable-rate RRIF plans to provide maximum flexibility for your retirement income options. The choice of investment type is up to each member and members can mix and match their investments to best suit their needs.

The Canada Income Tax Act requires an individual who owns an RRSP to mature the plan by the end of the year in which the beneficiary turns 71. The planholder then has the option of using the funds to purchase a life annuity, rolling the funds into a RRIF, or receiving a lump-sum payment from the RRSP.

The RRIF is the most popular option for RRSP savings to provide income during retirement. A RRIF offers complete income flexibility, while allowing your savings to remain tax sheltered and under your personal control.

For more information and options, contact Kootenay Savings today.

Annuities Expand/Collapse

• An annuity is a contract between you and a Life Insurance Company

• There are two types of annuities offered: Life and Term
        o  A life annuity provides fixed payments for life, regardless of how long you live, in return for an initial lump sum investment
        o  A term certain annuity provides fixed payments for a guaranteed period of time, in return for an initial lump sum investment

• When purchasing with RRSP funds, must be purchased by December 31 in the year in which you turn 71

• Annuities are often purchased to cover regular fixed expenses in retirement, supplemented by
   other sources of retirement income (pensions, etc)

• To discuss annuities, or retirement income planning, please contact one of our advisors at
   Kootenay Savings MoneyWorks.

To view the full Terms and Conditions for our Registered and Non-Registered Term Deposits, please click here.

The RRIF Terms and Conditions have been amended to reflect changes to the Income Tax Act and supersede any and all previously published terms and conditions relating to your RRIF.  Please click here to view the updated terms and conditions.