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A registered retirement income fund (RRIF, French: fonds enregistré de revenu de retraite, FERR) is a tax-deferred retirement plan under Canadian tax law. Individuals use an RRIF to generate income from the savings accumulated under their registered retirement savings plan. As with an RRSP, an RRIF account is registered with the Canada Revenue ...
A registered retirement savings plan (RRSP) (French: régime enregistré d'épargne-retraite, REER), or retirement savings plan (RSP), is a Canadian financial account intended to provide retirement income, but accessible at any time. RRSPs reduce taxes compared to normally taxed accounts.
The minimum age for withdrawing funds from an RRSP without penalty is 71, at which point the account must be converted into a Registered Retirement Income Fund (RRIF) or used to purchase an annuity.When funds are withdrawn from an RRSP, they are added to the individual's taxable income for the year, and are subject to tax at the individual's ...
Rediscover identity, purpose, and fulfillment. Gilbert explained how work often provides people with the "big five": identity, structure, purpose, a sense of accomplishment, and relationships.
Image source: Getty Images. Easier access to workplace retirement plans. Part-time workers will now have an easier time contributing to their employers' 401(k) plans, thanks to a provision in the ...
When looking to grow your money, you may come across two low-risk investment options that sound similar but work quite differently: money market accounts (MMAs) and money market funds (MMFs). A ...
The distinction between a LIRA / LRSP and a registered retirement savings plan (RRSP) is that, where RRSPs can be cashed in at any time, a LIRA / LRSP cannot. Instead, the investment held in the LIRA / LRSP is "locked-in" and cannot be removed until either retirement or a specified age outlined in the applicable pension legislation (though certain exceptions exist).
Guinea pigs are one of the world’s most popular household pets. Their sweet, docile natures and affectionate personalities make them a firm favorite among all ages. If you’re wondering how to ...