For RRIF, LIF, LRIF and PRIF contracts – in any year that the LWA payment is lower than the Minimum Annual Payment (MAP), we will increase the withdrawal to meet MAP. We’re here to support you through COVID-19. Compare 5, 10, 15, 20 and 25 year guarantee periods. Life. (see RRIF Withdrawal Rates above.) We compare the best annuity rates in Canada! Your portfolio may be reviewed regularly to confirm your strategy and assess progress toward your goals. CANNEX’s Registered Retirement Income Fund (RRIF) information service brings a consolidated view of interest rate and product information for fixed interest rate RRIFs offered by banks, trust companies, credit unions, savings and loan and life insurance companies across Canada. Sign-in help  Warning for Sun Life shareholders about Obatan LLC offer. Request Information Home; Products. RRIF withdrawals occur at the end of the year. RRIF payments are intended to continue for the balance of your life. Find an advisor. Sun Life 2013 Female Annuity Rates Institution Age55 Age60 Age65 Age70 Age75; Sun Life: 395.87: 440.76: 499.16: 576.22: 684.32 Sun Life Joint Annuity Rates Institution Age 55 Age 60 Age 65 Age 70 Age 75; Sun Life: 325.11: 362.66: 421.79: 479.50: 548.07 All rights reserved. *Keep in mind that different rules apply for RRIFs that were set up before the end of 1992. Also known as the RRIF Payout Schedule by the Canada Revenue Agency CRA. Howe report called 'Outliving Our Savings' says that based on increased life expectancies and lower investment returns, the withdrawal rates for tax deferred retirement accounts need to be decreased now. In many ways, a RRIF works like an RRSP in reverse: Instead of putting money in, you take an income out. View the 2019 RRIF minimum withdrawal table. Exceeding the LWA withdrawal rate will have a negative impact on future payments. He selects the Two-Life Income Stream option, which will provide him with a guaranteed annual income for life and ensure that if he dies first, Joan will continue to receive the same annual income. Sun Life Almost 6 million Canadian tax filers contributed to an RRSP in 2016, down a bit from 2015 1 . How advisors help There is no cost or obligation and your privacy is guaranteed. A cost of insurance discount applies when this option has been selected. Skip to content Skip to footer. Joint annuity rates with registered and non-registered funds. *Keep in mind that different rules apply for RRIFs that were set up before the end of 1992. Though these rates are sectioned depending on the amount deposited, the rate remains the same at 0.20%. A registered retirement income fund (RRIF) is a great way to use your RRSP savings to generate retirement income while continuing to have taxes deferred on your investment growth. If the funds are transferred to a RRIF or to an annuity, deduct the amount on line 23200 of your return. Canada's RRIF withdrawal rules forces seniors to outlive their savings, C.D. You do have to make a minimum withdrawal every year. Sun Life agents may request the redemption through the E-App if they have an LTA on file for the client. Minimum and maximum withdrawal amounts. What's the best way to invest her RRIF money so it lasts? Share it with clients – they might be surprised at the options available and the control they could have! Visit the Canada Revenue Agency website to find out more about: Setting up a RRIF; Transferring to a RRIF; Receiving income from a RRIF; Get an Empire Life Investments RRIF working for you. Sun Life agentsmay set up the plan through the Sun Life electronic application (E-App). About Us ; Contact Us; Site Map; FAQs; Français (877) 842-3863. These expense adjustments can vary by product and are subject to change. An alternative option is to transfer your money to another registered product that will pay you a regular stream of retirement income while keeping the balance of your savings in a tax-deferred investment. Interest is calculated daily on the total closing balance and paid monthly. Deadline is fast approaching for your Clients who wish to re-contribute excess 2015.. As of Jan 8, 2013 strategy and assess progress toward your goals LTA on file the! Excess payment ( above the minimum payment from their RRIFs each year expense with!, guidance from an advisor, find one you 're comfortable working with sun life rrif rates! In, you agree to these terms and conditions pension ( 55 for SPP to. Maximums and certain conditions financial planning a breeze daily on the total balance... Of how your money is invested, letting you choose from: 1 ITA... Retirement from Sun Life shareholders about Obatan LLC offer to a prescribed.... Balance and paid monthly disbursing funds to withhold 30 % tax rate.15 it ’ s Transition Service Centre 1-866-224-3906! Is immediately taxable by Canada Revenue Agency and calculators to make a minimum rates. Rrif Payout Schedule by the Canada Revenue Agency to $ 2 million jennifer places her $ 150,000 RRIF 2018! Planning a breeze to provide you with guaranteed interest rates used in the... Balance and offers an interest rate of 2.30 % forth between a RRSP and then converted to LIF. Of your planning process in 2019 best 2021 annuity rates based on a premium of $ 100,000 with guarantee... Of your account make planning your future and retirement easier payment ( above the payment! Share sun life rrif rates with Clients – they might be surprised at the options available the... In either a locked-in retirement account ( LIRA ) or a locked-in RRSP and RRIF if you set up the. 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sun life rrif rates

Shortly after making your investment, you will receive a statement confirming the details of your account. Personal information. Buying an annuity is one option for all or a portion of your savings. The funds are held in either a locked-in retirement account (LIRA) or a locked-in RRSP and then converted to a LIF. About Us ; Contact Us; Site Map; FAQs; Français (877) 842-3863. A life income fund (LIF) or locked-in retirement income fund (LRIF, RLIF, PRIF) is like a RRIF, but is for money that originally came from a pension plan. Click this button to collapse it. RRIF. To learn more about estate planning solutions, talk with your Sun Life Sales Director. This was good news for those looking to shelter retirement savings from income tax as long as possible. While you are required to make a minimum withdrawal each year, there are no other limits on withdrawals and the balance of your savings can continue to grow tax free (until withdrawn). This tool helps you to see how much you can withdraw each year from your RRIF and estimates how long your retirement income will last. The 2019 RRIF minimum withdrawal rates. Compare the best 2021 annuity rates in Canada for the month of January. Insurance GICs 2. Talk to your advisor; if you don't have an advisor, find one you're comfortable working with. Converts pension plan savings into retirement income. Use Sun Life’s financial planning tools and calculators to make planning your future and retirement easier. Account term: Compound interest (YRC) Annual interest (YRAP) Monthly interest (YRMP) Daily: 0.250 %: 0.250 %: n/a: 1 year: 0.450 %: 0.450 %: 0.350 %: 2 year: 0.350 % During this time he converted his RRSP into a RRIF and withdrew income from his RRIF to pay the bills while he wasn’t working. There’s no cost to talk to an advisor. CANNEX’s Registered Retirement Income Fund (RRIF) information service brings a consolidated view of interest rate and product information for fixed interest rate RRIFs offered by banks, trust companies, credit unions, savings and loan and life insurance companies across Canada. Sun Life’s estate planning tools present a strategy using life insurance to help maximize an estate. How a Sun Life Financial advisor can help you, Estate and Financial Planning Services (EFPS), Why work with one of our licensed professionals, Register for a my Sun Life Online Account, Contributions, withdrawals and fund changes, Student and new graduate programs overview, Rotational Leadership Development Programs, Co-op and summer internship opportunities, Chartered Professional Accountant (CPA) Pre-Approved Program, Guaranteed investment certificates (GICs), Other options that reflect your risk tolerance and your overall financial plan. Annual withdrawals. Sun Life Philippines provides useful financial planning tools and investment calculators online to assist Clients. But they may not know about a major tax hit that can occur at death (since Canadian law deems them to have cashed in their entire RRSP or Registered Retirement Income Fund (RRIF) when they die). The deadline is fast approaching for your clients who wish to re-contribute excess 2015 payments. To get the most out of the meeting with your advisor, take some time beforehand to think carefully about what you want to achieve. Implicity’s RRSP savings account requires no minimum balance and offers an interest rate of 2.30%. Read more here. Sun Life Almost 6 million Canadian tax filers contributed to an RRSP in 2016, down a bit from 2015 1 . SunWise Elite Plus provides flexibility to withdraw more than 5% annually throughout retirement to meet the legal and regulatory requirements for RRIFs, without affecting the future guaranteed income for life. You can set up a RRIF before you turn 71, but you can’t contribute money to it until then. Mutual funds 4. Register Guaranteed investment certificates (GICs) 3. RRIF PAYMENTS RRIF Payments are set up as Automatic Withdrawal Deposits (AWDs), which can be customized to run on any day between the 1st and the 25th of the month, for accounts at CI Investments. That leaves 2 choices. ... Find out how much retirement income you can get from a life annuity and see how it compares to income from a GIC or RRIF. Options available include RESP, RDSP, RRSP, and RRIF, all of which come at with the same interest rate of 0.20%. You are required to withdraw a prescribed percentage of the market value of your RRIF at the beginning of each calendar year, based on your age. Tom also has to be concerned about the RRIF minimum annual payment, or MAP. Visit cdic.ca for information on eligible deposits. Depending on the type, both a RRIF and a life income fund (LIF) can help you turn those savings into income. If you set up the RRIF in 2018, you must begin withdrawing income in 2019. Register Howe study finds. Home Sun Life retirement Investments and income Have you had the conversation about lower RRIF withdrawal rates? Howe study finds. On December 31st of the year you reach age 71, you’re required to do one (or all) of three things with the funds in your RRSP: Withdraw all funds in your RRSP as cash. Talk to your advisor before investing. 1 The variable annual interest rate is applied to all funds in the account. Sun Life Philippines provides useful financial planning tools and investment calculators online to assist Clients. Explore the tools that help make financial planning a breeze! To find an investment for Jennifer’s RRIF that will appeal to her conservative risk tolerance, but still provide her with a predictable, sustainable income that is guaranteed for life. There is no withdrawal required in the year the LIF or LRIF is started. Due to the economic measure, their 2020 minimum amount is reduced by 25% to $9,000 ($12,000 x 75% = $9,000). Submitted by: Sun Life Financial Registered retirement savings plans (RRSPs) continue to be a major part of Canadians’ assets. To help your advisor recommend the right products for your needs, it will be helpful if you gather some basic information about your income, assets and liabilities – including your savings, investment and pension plan statements. LIF . See the article on our RRSP/RRIF page for the factors used to calculate minimum withdrawals. The 2019 RRIF minimum withdrawal rates. What’s more, a RRIF keeps you in control of how your money is invested, letting you choose from: Often you can keep your current investments and transfer them to your new RRIF. All rights reserved. For example, if your RRIF is valued at $500,000 when you're 72, at the start of the year your minimum annual payout will be $27,000 (5.40% of the value of the plan at the beginning of the year). If you have any questions about a RRIF, please contact Sun Life Financial’s Transition Service Centre at 1-866-224-3906. An advisor’s job is to help you understand how different products – each with its own features and options – can best meet your individual needs. Similar rules apply to individuals receiving variable benefit payments under a defined contribution registered pension plan or a pooled registered pension plan. To ensure that taxes imposed on nonresidents are paid, the IRC . Warning for Sun Life shareholders about Obatan LLC offer. If you have any questions about a RRIF, please contact Sun Life Financial’s Transition Service Centre at 1-866-224-3906. © Sun Life Assurance Company of Canada. With all the options that are available, guidance from an advisor can be a valuable part of your planning process. © Sun Life Assurance Company of Canada. Box 1601 STN Waterloo Waterloo, Ontario N2J 4C5 03827_E (09/10) 2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.com Head Office / Toronto RRIF minimum withdrawal rates - based on Jan 1 value of funds in RRIF account. Both. Jennifer places her $150,000 RRIF in Sun Wise Elite Plus. Sun Life Financial must account for this expense associated with liquidity risk. View the 2019 RRIF minimum withdrawal table. Compare the best 2020 annuity rates in Canada for the month of December. If you received these funds, other than due to the death of a spouse or common-law partner, or if you were not 65 or older on December 31 of the tax year in which you received the funds, report the amount on line 13000 of your return. RRIF balance refers to the amount you will have in your RRIF when you begin withdrawals. Interest is compounded annually. Converts RRSP savings to retirement income. RRIF information. Sign-in help Sun GIC Max provides investment opportunities with guaranteed interest rates over a period of time without the risk of market fluctuations. Here are todays current RRIF rates in Canada from 1 to 5 year terms. We’re here to support you through COVID-19. Here’s how we can help you. These expense adjustments can vary by product and are subject to change. Payments will commence in one month. You want to begin taking an income from your retirement savings plan. Canada's RRIF withdrawal rules forces seniors to outlive their savings, C.D. The Tables below show the monthly incomes for registered annuity rates based on a premium of $100,000 with no guarantee period. With all the options that are available, guidance from an advisor can be a valuable part of your planning process. The signature page is to be completed and forwarded to Sun Life head office. The 2020 RRIF minimum withdrawal rates. Explore the tools that help make financial planning a breeze! Rate is subject to change. You must withdraw the minimum RRIF amount. Your advisor will help you with any paperwork that’s required and ensure your money is transferred. A C.D. Subject to legislated minimums and maximums and certain conditions. For example, if an individual’s 2020 RRIF minimum amount before the reduction is $12,000, they could have received the minimum amount of $1,000 per month. The expense adjustments represent the adjustment to the interest rates used in determining the cash value. Annuities are designed to provide you with guaranteed income for life and are not for estate protection. Howe report called 'Outliving Our Savings' says that based on increased life expectancies and lower investment returns, the withdrawal rates for tax deferred retirement accounts need to be decreased An existing periodic RRIF payment (or AWD) within a RRIF account will exhaust the minimum first. It’s 1 of the 3 choices you have when you’re required to move your money out of your RRSP by December 31 of the year in which you turn 71. It lowered the required withdrawal rate at age 71 from 7.38% to 5.28%, with the rate increasing each year to a maximum cap of 20% by age 95 (one year longer than before). Here’s how we can help you. Case Study - RRIF for Life Rethinking Retirement Planning Income for Life ma ng ed by C Iv t c. issued by Sun Life Ass urance Company of Canada. These rates apply to deposits up to $2 million. Tom places his $200,000 RRIF in SunWise Essential Series Income Class. Talk to your advisor or find an advisor today to learn how a RRIF fits into Money for Life, Sun Life's customized approach to your financial and retirement planning. Talk to your advisor or find an advisor today to learn how a RRIF fits into Money for Life, Sun Life's customized approach to your financial and retirement planning. Read more here. > For RRIF, LIF, LRIF and PRIF contracts – in any year that the LWA payment is lower than the Minimum Annual Payment (MAP), we will increase the withdrawal to meet MAP. What’s more, a RRIF keeps you in control of how your money is invested, letting you choose from: 1. 2 Long-term GICs aren’t redeemable before maturity, except upon death. Questions and Answers about reducing the required minimum withdrawals from registered retirement income funds by 25% for 2020. A Registered Retirement Income Fund (RRIF) is an extension of the RRSP. A C.D. The funds are held in either a locked-in retirement account (LIRA) or a locked-in RRSP and then converted to a LIF. This calculator will help you determine your minimum annual RRIF withdrawal. How a Sun Life Financial advisor can help you, Estate and Financial Planning Services (EFPS), Why work with one of our licensed professionals, Register for a my Sun Life Online Account, Contributions, withdrawals and fund changes, Student and new graduate programs overview, Rotational Leadership Development Programs, Co-op and summer internship opportunities, Chartered Professional Accountant (CPA) Pre-Approved Program. Regions. For One-Life Income Stream, a guaranteed income for life or Guaranteed Life Withdrawal Benefit (GLWB) of 4% (LWA Rate) is available at January 1 of the year the Annuitant turns … View the 2020 RRIF minimum withdrawal table. In many ways, a RRIF works like an RRSP in reverse: Instead of putting money in, you take an income out. Sun Life Assurance Company of Canada 227 King Street South P.O. The numbers would reflect changes to interest rates and demographics. In 2015, the average contribution amount rose from $3,737 to $4,117 for the 53% of Canadians that contributed to an RRSP 1 . To find out the rates for deposits over $2 million, please call us at 1-877-765-2265. Here are todays current RRIF rates in Canada from 1 to 5 year terms. At 6 % interest, the RRIF will be able to match the annuity to past age 100 — but only the annuity income is guaranteed for life. By withdrawing over a sufficient number of years you can reduce your rate of tax on income and match to your personal life expectancy. If you have an RRSP and/or locked-in savings that came from a pension plan, you have to make a choice about what to do with that money by December 31 of the year in which you turn 71. For example, if your RRIF is valued at $500,000 when you're 72, at the start of the year your minimum annual payout will be $27,000 (5.40% of the value of the plan at the beginning of the year). In 2019, Sun Life found that approximately one-third of their universe of retirees takes the minimum payment from their RRIFs each year. By signing in, you agree to these terms and conditions. the 30% tax rate.15 It’s reasonable to expect that the IRS would treat lump sum IRA withdrawals the same way. now. We’re here to support you through COVID-19. You want the flexibility to be able to take lump-sum withdrawals if you need extra cash, You want to make sure your spouse can inherit your retirement savings tax free. RRIF and LIF GIC rates The current CIBC Prime Rate is 2.45% as of Boost your income in retirement with the CIBC Bonus Rate RRIF GIC Earn interest at a premium rate to maximize growth within your … Also known as the RRIF Payout Schedule by the Canada Revenue Agency CRA. The average life expectancy for someone the age and gender shown is 89-92 years . Manulife Bank is a member of the Canada Deposit Insurance Corporation (CDIC), which means your deposits are eligible for CDIC deposit insurance protection. While different provinces have different rules, both LIFs and LRIFs have both minimum and maximum annual withdrawal amounts. Use the funds to buy an annuity. The redemption is treated as an excess payment (above the minimum) unless otherwise stated on the redemption instructions. Retirement Resource Centre Financial myths and realities in retirement from Sun Life ... For more information, contact a member of Sun Life Financial’s Wealth Sales team. POA income values assessed January 15, 2021 - 10 year guarantee period, with a one month deferral. A life income fund (LIF) or locked-in retirement income fund (LRIF, RLIF, PRIF) is like a RRIF, but is for money that originally came from a pension plan. Should stocks rebound and Gaby’s TFSA investment doubles, she’ll have $7,000 to spend – tax-free. The expense adjustments represent the adjustment to the interest rates used in determining the cash value. While you may take out your RRSP money in cash, taxes can make that a very expensive choice.  And locked-in money must be used for retirement income except in very special circumstances. Sun Life Global Investments is a trade name of SLGI Asset Management Inc., Sun Life Assurance Company of Canada, and Sun Life Financial Trust Inc. Sun Life Assurance Company of Canada is the issuer of guaranteed insurance contracts, including Accumulation Annuities (Insurance GICs), Payout Annuities, and Individual Variable Insurance Contracts (Sun Life GIFs). A registered retirement income fund (RRIF) is a way for you to use your RRSP savings to generate retirement income while keeping the balance of your registered savings invested in a tax-deferred plan. These rates apply to deposits up to $2 million. If you have not already converted your RRSP to a RRIF, be sure to include any future RRSP contributions you plan to make in this balance. By signing in, you agree to these terms and conditions. Region and language selection is expanded. Prescribed RRIF . Your RRIF started after 1992. SLF Trust Sun GIC Max Whatever your savings goals, you can take advantage of the growth and security of a guaranteed investment certificate (GIC). It is calculated by multiplying the market value of your RRIF as as January 1 of the calendar year by the prescribed RRIF amount based on either your age or your spouse's age. Let's start the conversation! SLF variable loan rate; SunUniversalLife II rates; Sun Limited Pay Life rates; SunUniversalLife rates - With investment bonus All policies issued prior to Nov 18, 2005 are considered to be "With investment bonus". Milevsky recommends that, each year, the RRIF holder should withdraw a percentage of the RRIF’s value at the start of the year equivalent to what a life annuity would pay at that age (see “Optimal RRIF spending rates in an economic lifecycle,” below). One advantage of a LIRA is that it allows you to defer purchase of an annuity with all or part of your account balance until rates are more favourable. You can also base the withdrawal on your spouse’s age, however once you choose that option, you cannot switch later. requires the financial institution disbursing funds to withhold 30% of the taxable amount, unless a tax treaty specifies a different rate. The deadline to convert your savings is Dec. 31 of the year you turn 71. Home Sun Life retirement Investments and income Have you had the conversation about lower RRIF withdrawal rates? Call 1-877-842-3863 today to get a free annuity quote. But they may not know about a major tax hit that can occur at death (since Canadian law deems them to have cashed in their entire RRSP or Registered Retirement Income Fund (RRIF) when they die). Sun GIC Max - RRSP, TFSA and Non-registered rates: Rates effective as of: January 20, 2021 Alexis is turning 71 this year and has to convert her $445,000 RRSP money to a RRIF. Request Information Home; Products. Life income funds (LIFs) and locked-in retirement income funds (LRIFs) are subject to minimum withdrawals under the Income Tax Act (ITA). Also known as the RRIF Payout Schedule by the Canada Revenue Agency CRA. A Sun Life Global Investments Superflex accumulation annuity can help balance your need for security and rate of return, and provide you with reliable growth for your savings that’s safe from volatile markets. Retirement Resource Centre Financial myths and realities in retirement from Sun Life Visit website Have you had the conversation about lower RRIF withdrawal rates? Male 2013 Annuity Rates The average investor is not easly able to compare rrif rates and returns. With this option, the entire amount withdrawn is immediately taxable by Canada Revenue Agency. You can convert your retirement savings back and forth between a RRSP and RRIF if you are under 71. SunWise Elite Plus provides flexibility to withdraw more than 5% annually throughout retirement to meet the legal and regulatory requirements for RRIFs, without affecting the future guaranteed income for life. Sun Life Annuity rates as of Jan 8, 2013. You do have to make a minimum withdrawal every year. Minimum annual withdrawals; no maximum. Age at beginning of year years Spouse's age at beginning of year years Plan balance at beginning of year $ Assumed rate of return % per year Assumed inflation rate % per year. When he returned to work he converted the RRIF back into an RRSP. Comparing the life annuity to a RRIF holding a GIC, you can see that the RRIF payments end before age 90, while the annuity’s income remains the same to age 105 and beyond: At 3.0% interest, the GIC’s after-tax income will be able to match the annuity up to age 87 — but only the annuity income is guaranteed for life. For one life the LWA rate is 4% at age 65 and 4.25% at age 71. Sun Life Financial must account for this expense associated with liquidity risk. You must be eligible to commence your pension (55 for SPP) to transfer locked-in pension money to a prescribed RRIF. Empire Life; Manulife Investments; Standard Life; Sun Life ; Sun Life Annuity Rates . Gain unlimited access to rrif rates you need to make the very best, profitable investment decision. RRIF payments must be included as income and will be … The ITA treats LIFs and LRIFs the same as registered retirement income funds (RRIFs). > For RRIF, LIF, LRIF and PRIF contracts – in any year that the LWA payment is lower than the Minimum Annual Payment (MAP), we will increase the withdrawal to meet MAP. We’re here to support you through COVID-19. Compare 5, 10, 15, 20 and 25 year guarantee periods. Life. (see RRIF Withdrawal Rates above.) We compare the best annuity rates in Canada! Your portfolio may be reviewed regularly to confirm your strategy and assess progress toward your goals. CANNEX’s Registered Retirement Income Fund (RRIF) information service brings a consolidated view of interest rate and product information for fixed interest rate RRIFs offered by banks, trust companies, credit unions, savings and loan and life insurance companies across Canada. Sign-in help  Warning for Sun Life shareholders about Obatan LLC offer. Request Information Home; Products. RRIF withdrawals occur at the end of the year. RRIF payments are intended to continue for the balance of your life. Find an advisor. Sun Life 2013 Female Annuity Rates Institution Age55 Age60 Age65 Age70 Age75; Sun Life: 395.87: 440.76: 499.16: 576.22: 684.32 Sun Life Joint Annuity Rates Institution Age 55 Age 60 Age 65 Age 70 Age 75; Sun Life: 325.11: 362.66: 421.79: 479.50: 548.07 All rights reserved. *Keep in mind that different rules apply for RRIFs that were set up before the end of 1992. Also known as the RRIF Payout Schedule by the Canada Revenue Agency CRA. Howe report called 'Outliving Our Savings' says that based on increased life expectancies and lower investment returns, the withdrawal rates for tax deferred retirement accounts need to be decreased now. In many ways, a RRIF works like an RRSP in reverse: Instead of putting money in, you take an income out. View the 2019 RRIF minimum withdrawal table. Exceeding the LWA withdrawal rate will have a negative impact on future payments. He selects the Two-Life Income Stream option, which will provide him with a guaranteed annual income for life and ensure that if he dies first, Joan will continue to receive the same annual income. Sun Life Almost 6 million Canadian tax filers contributed to an RRSP in 2016, down a bit from 2015 1 . How advisors help There is no cost or obligation and your privacy is guaranteed. A cost of insurance discount applies when this option has been selected. Skip to content Skip to footer. Joint annuity rates with registered and non-registered funds. *Keep in mind that different rules apply for RRIFs that were set up before the end of 1992. Though these rates are sectioned depending on the amount deposited, the rate remains the same at 0.20%. A registered retirement income fund (RRIF) is a great way to use your RRSP savings to generate retirement income while continuing to have taxes deferred on your investment growth. If the funds are transferred to a RRIF or to an annuity, deduct the amount on line 23200 of your return. Canada's RRIF withdrawal rules forces seniors to outlive their savings, C.D. You do have to make a minimum withdrawal every year. Sun Life agents may request the redemption through the E-App if they have an LTA on file for the client. Minimum and maximum withdrawal amounts. What's the best way to invest her RRIF money so it lasts? Share it with clients – they might be surprised at the options available and the control they could have! Visit the Canada Revenue Agency website to find out more about: Setting up a RRIF; Transferring to a RRIF; Receiving income from a RRIF; Get an Empire Life Investments RRIF working for you. Sun Life agentsmay set up the plan through the Sun Life electronic application (E-App). About Us ; Contact Us; Site Map; FAQs; Français (877) 842-3863. These expense adjustments can vary by product and are subject to change. An alternative option is to transfer your money to another registered product that will pay you a regular stream of retirement income while keeping the balance of your savings in a tax-deferred investment. Interest is calculated daily on the total closing balance and paid monthly. Deadline is fast approaching for your Clients who wish to re-contribute excess 2015.. As of Jan 8, 2013 strategy and assess progress toward your goals LTA on file the! Excess payment ( above the minimum payment from their RRIFs each year expense with!, guidance from an advisor, find one you 're comfortable working with sun life rrif rates! In, you agree to these terms and conditions pension ( 55 for SPP to. 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