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    Registered Retirement Income Funds 

    Once you turn 71, your RRSPs must be converted to a RRIF.  Your investment continues to grow tax-sheltered and you choose the frequency and payment amount you receive. You can withdraw funds as often as you like however they will be subject to tax implications. Upon death, your RRIF can be transferred tax-free to your spouse, providing they were named as the beneficiary.



    Benefits and Guidelines of a RRIF

    • While an RRSP can be converted into a RRIF at any age, this must be done by the end of your 71st year

    • The Canada Revenue Agency requires a minimum withdrawal by Dec 31st the following year

    • This amount is calculated by a percentage of the RRIF balance on Dec 31st each year

    • You must designate a beneficiary for your RRIF. Choose a Primary and Alternate Beneficiary as this will help with your Estate Planning upon death

    • RRIFs can be invested into any one or combination of the following products – Term Deposits (Guaranteed Investment Certificates) with OCCU or Mutual Funds, Stocks and Electronic Traded Funds through our partners QTrade and/or VirtualWealth

    Estate Accounts

    Understanding the importance

    Visit our "T.E.A." Centre

    Come in and learn how to use the latest technology at our Technology Education and Assistance Centre

    Golden Account

    The perfect account for seniors


    Retirement Planning

    Let us help you reach the future you envision 

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    Your deposits are protected.

    At Oshawa Community Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).
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