What is a Registered Retirement Income Fund (RRIF)?
A registered retirement income fund, often known as an RRIF, is an account registered with the Canadian government and gives you access to a consistent flow of income that you may continue to use after you retire. The owners of registered retirement savings plans (RRSP) will often roll over the amount from such plans into an RRIF to provide an income stream once they reach retirement age. RRIFs are contracts between an insured person and a financial institution the Canadian government has authorized. Examples of such financial institutions are banks, credit unions and so on.
What type of people can enjoy an RRIF High-Interest Savings account?
The Registered Retirement Income Fund (RRIF) High-Interest Savings Account is ideal for retirees since it enables them to enjoy an income that is not subject to as much tax once they have left their jobs.
How do I open a Meridian RRIF High-Interest Savings account?
You may start a High-Interest Savings account by going to a branch of Meridian Credit Union or making an appointment with a Meridian Wealth Advisor. Either option will allow you to save money with a higher rate of interest.