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RRIFs

A Registered Retirement Income Fund (RRIF) is a vehicle that helps extend the benefit of tax sheltered interest that was earned in your RRSP. It liquidates your accumulated RRSP savings with a fixed annual payment. Since RRSP contracts must be terminated by the end of the year in which you turn 71, the RRIF can be the ideal retirement income option for you. We offer 3 types of RRIF’s, variable rate, fixed rate deposits and mutual funds.  We also administer Locked-in Plans for your convenience which are government regulated and allow a maximum amount to be withdrawn annually.

Retirement Information

Are you Retiring or in need of retirement information? We have positioned

ourselves to be able to continue to offer you the services you need to be able to go

forward with your retirement plan.

We have on staff a Certified Financial Planner along with other knowledgeable

staff so we can help you with ALL of your needs. Some things to rememberwhen comparing are: FEES, Same Day Service, Knowledge of your offerings at Kellogg's (eg. it's not always in your best interest to transfer the funds from your SunLife account), Expertise etc. At your Credit

Union we have ONLY your best interest in mind!!

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FIXED RATE DEPOSITS

These are available at available at competitive interest rates with a minimum deposit of $500.

FEATURES (Fixed Rate)

  • Guaranteed rate of interest for the specified period of time
  • The funds are locked in for the specified term - no withdrawals, deposits or changes can occur to the deposit other than the regular payments.
  • The interest compounds annually until the maturity date of the term
  • Maturity notices are sent out to allow for changes in options
  • Each individual contract is deposit insured up to $100,000
  • Payments can be made to you in a number of ways
  • Transfers in of funds from other institutions can be arranges for you by credit union staff - subject to maturity dates

BENEFITS (Fixed Rate)

  • Fluctuations in interest rates don't affect your deposit
  • You don't have to worry about your your deposit until the term that you specify is up - you can make your plans, set your goals and then relax and wait for the payments to start
  • Your interest earns interest within the deposit and adds life to your retirement fund
  • This is your time to rethink your income needs and to plan around interest rates - any changes can be made at this time
  • Peace of mind to you and your family in your retirement years
  • Convenience - your payments can be directed however is best for you - by cheque or deposited into an account
  • You can avoid the time consuming job of taking forms back and forth between institutions by letting us take of the paper work for you
VARIABLE RATE DEPOSITS

These are available at rates lower than fixed deposit rates. Variable, one year, two year, and three year COMPETITIVE rates available. Interest is paid and compounded semi-annually. Deposits to RRIF's can be made through payroll deduction.

FEATURES (Variable Rate)

  • Funds are fully liquid
  • Interest is calculated and paid annually
  • Each individual contract is deposit insured up to $100,000
  • Annual notification sent to the member regarding available option changes for the following year
  • Payments can be made to you in a number of ways
  • Transfers in of funds from other institutions can be arranged for you by credit union staff - subject to maturity dates

BENEFITS (Variable Rate)

  • You can make any changes you want to your deposit and still take advantage of the monthly payment from the plan - you can have funds available to you whenever you need it
  • The interest you earn works for you - the power of compound interest actually extends the life of your retirement plan
  • Peace of mind to you and your family in your retirement years
  • You can plan a year in advance for terms, payments and interest rates to avoid waiting to the last minute
  • Convenience - your payment can be directed however is best for you - by cheque or deposited into an account
  • You can avoid a time consuming job of taking forms back and forth between institutions by letting us take care of the paper work for you