Home Search Contact Us Legal Notice Media Français

Individual RRIFs
(Registered Retirement Income Funds)

The Product

A RRIF is a deposit type product that pays out income to an individual.

RRIFs are registered under the Income Tax Act (Canada). The interest income and growth of the account value are sheltered from income tax. The policyholder must withdraw a minimum amount each year from the fund but can also withdraw amounts in excess of this minimum.

Assuris’ Protection

Individual RRIF contributions invested in deposit type products are eligible for Assuris protection. If your life insurance company fails, your RRIF policy will be transferred to a solvent company.

Benefits under a RRIF are protected under the Accumulated Value protection. If you decide to take your RRIF as a lump sum, on transfer Assuris guarantees that you will retain 100% of the promised Accumulated Value (account value) up to $100,000.

However, if you decide to continue taking payments from your RRIF, the payments are protected under the Monthly Income protection. At the date of failure, if the annual minimum withdrawals from your RRIF:
  • are less than or equal to $24,000, the payments are fully protected.
  • exceed $24,000, the payments will be protected for $24,000 or 85%, whichever is higher.

Questions and Answers