Nelson & District Credit Union will strive to provide members with solutions to help them pack responsibly for their unique life stages, like retirement, so they may reach their viewpoints. This process is called the Financial Hike.


A Registered Retirement Income Fund (RRIF) is a flexible income-producing investment that tax shelters your savings while allowing you to withdraw retirement income. The RRIF is a great retirement income option since it provides you complete flexibility to decide how much income to draw while minimizing the income tax you will pay.

Who is Eligible?

An RRIF is for the person getting ready to retire, who wants to feel comfortable that they are going to be able to enjoy the lifestyle for which they have carefully planned.


The government requires that you collapse your RRSP by the end of the year in which you turn 71. Your choices may include taking it all in cash, which will be subject to tax, or converting the funds to a retirement income option such as a RRIF.

Here are some of the reasons RRIFs are popular retirement income options with Canadians:

  • Tax-sheltered growth: Your investments will continue to grow tax–sheltered, so it keeps working for you.
  • Control your income: You can manage the amount and the frequency of your withdrawals, subject to the legislated minimum annual payment requirements.
  • Tax-free transfer to spouse: You can pass your RRIF assets on to your spouse tax-free when you die.
  • Flexible investment options: You have the option of converting to a more secure guaranteed income at any time.

Find out more about using a RRIF. Click for more info on RRIFs.

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0948859 B.C. LTD. doing business as EKC MoneyWorks, GFCU MoneyWorks, and NDCU MoneyWorks. Mutual funds and other securities are offered through Qtrade Advisor, a division of Credential Qtrade Securities Inc. Member of the Canadian Investor Protection Fund. Mutual funds and securities related financial planning services are offered through Qtrade Asset Management Inc., Member MFDA.