Ladysmith & District Credit Union 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. LDCU offers 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

Please contact us for more information or contact us online and one of our friendly and knowledgeable investment specialists will respond to your request.