Is the First Home Savings Account the key to getting you into your first home?
We’ve compiled an FAQ to help you level up your knowledge of the FHSA.
You showed up. You saved. You put in the work. And now it’s your turn to relax. Welcome to your Golden Years!
You’ve heard about Registered Retirement Savings Plans (RRSP) for the last few decades, but did you know you can't keep your retirement savings in an RRSP forever? After years of saving and contributing to your RRSP (great job!), you’ll need to move your funds into a Registered Retirement Income Fund (RRIF). Simply put, a RRIF is one of the ways you can convert your hard-earned retirement savings into an income stream to fund your glory days.
Our RRIF Calculator can give you an idea of how long your savings will last based on what you’ve saved (or hope to save if you’re still in the workforce).
Get a better understanding of what to expect from your RRIF by answering a few questions.
Age of last RRIF payment: ${ Number(age) + Number(table.results.length) }
Total interest gained: $${total_interest_formatted}
Total RRIF paid out: $${total_paid_formatted}
Age | Remaining | Interest Generated |
Minimum Withdrawal Percentage |
Payout | Mimimum Payout for Age |
---|---|---|---|---|---|
${ item.age } | $${ item.remaining_formatted } | $${ item.interest } | ${ item.percentage }% | $${ cleannum(item.payout) } | $${ cleannum(item.minimum_payout) } |
The amount of money you have or expect to have in your Registered Retirement Income Fund once you retire.
The annual percent you expect to earn on your investments.
The age you would like to start drawing income from your RRIF.
The annual payment amount you will be withdrawing from your RRIF to fund your retirement.
If you haven’t started thinking about retirement, no worries! Take a peek at our Retirement Savings Calculator or book an appointment with a credit union expert today.
NOTE: The information is intended for illustrative and general information purposes only. Actual payment amounts may differ. Please do not rely solely on this information or result when making financial decisions; please visit your credit union branch or speak with a credit union representative for further information.
Assumptions: Keep in mind that different rules apply for RRIFs that were set up before the end of 1992.
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).
The above is based on an individual contribution and withdraw not for spousal joint contributions/withdraws
There are annual requirements based on your age and amount. Click here to see the minimum withdraw amounts based on your age.
Costs that do not change with varying output (e.g., rent, building machinery, salaries).
The price, per unit, each product/service is selling for.
Costs incurred to create a unit. (e.g. raw materials, labour)