RRIFs (REGISTERED RETIREMENT INCOME FUNDS)

If you own a RRSP at the age of 71, the government regulations state that in the calendar year you turn 71 the RRSP must be rolled into a RRIF. In the year that you turn 72, a minimum withdrawal from your RRIF is mandatory. This minimum withdrawal must happen at least once in a calendar year. As a person ages, the government demands that a higher percentage be withdrawn from the RRIF and also regulates what minimum percentage must be withdrawn annually.

Osuuspankki offers RRIFs which act as callable savings accounts and also fixed 1, 2 and 3 year terms.