The assets must be invested in a qualified investment as deemed by CRA or there may be tax implications. Self-Directed RRIFĪ self-directed RRIF allows you, rather than the financial institution, to make the decisions about where your money is invested. You have to be either the spouse of the deceased or a financial dependent of the deceased annuitant. You can also transfer amounts received from another RRSP or RRIF account upon the death of the annuitant. You can contribute to your RRIF account by transferring funds directly from your unmatured RRSP or PRPP, matured RRSP, RPP or DPSP, or from another RRIF account. The financial institutions where you choose to open your RRIF include banks, insurance companies, credit unions, or trust companies. But the payments from the RRIF are taxable and must be claimed as income.” Canada Revenue Agency allows you to have more than one RRIF, and if you choose, the funds can be self-directed, similar to an RRSP. The amount that you withdraw can be changed at any time, provided it’s at least the minimum as set out by the government. “ Come into your financial institution, fill out the paperwork, and set up a payment schedule. Opening an RRIF is fairly straightforward, according to Tisi. “ After that (age), the government requires that it must be transferred into an RRIF the same year you turn 71.” Creating an RRIF “ After 71 you can no longer contribute to your RRSP,” explains France Tisi, branch manager for the National Bank Financial Group in Welland, Ontario. If you have a Registered Retirement Savings Plan, you will have to convert it to an annuity or transfer it to an RRIF plan at retirement. Users can use Banktivity's account forecasting feature to project their account balances into the future based on their bills and other scheduled transactions.The Registered Retirement Income Fund (RRIF) is an income option that gives you control over your retirement savings and keeps it tax-free until you are ready to withdraw the money.
Banktivity can also be used to plan for other big life events like saving for a wedding or house purchase. Banktivity allows users to focus on other important activities in the present and the future as it helps them to take charge their finances – putting expenses under control and building savings.īanktivity can be used to save for a first car, a rainy day fund or save for retirement. It can also be used to setup a monthly saving plan as part of budget. This feature can be used by users to set goals, as well as monitor their progress. Through Banktivity you can save more and curb unwanted expenses.īanktivity provides a feature which allows users to compare current annual savings rate with previous years. Groceries) and their bills are automatically used to build up a budget.ĭeveloping a budget in this manner ensures users spend only what they’ve planned and can modify the budget to ensure they take in more than they spend. Budgets in Banktivity enables users to enumerate spending targets in any category (e.g. This enables users to identify various spending habitats across accounts, even though the user and a partner have separate credit cards. Banktitvity enables users to categorize transactions regardless of whether they input the transactions manually or use the built-in bank connectivity options. Banktivity enable users to analyze, synchronize, and integrate bank accounts.īanktivity eases the process of combining checks, savings, credit cards, investment and other accounts.
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