Relief for seniors with RRIFs

To help seniors with RRIFs, there have been changes to minimum withdrawal amounts.

May 12, 2020  2 minute read

In this uncertain time of volatile market conditions, many seniors are worried about the impact to their retirement savings. If this is you, help is at hand. 

RRIF Relief Option

In March, the Government of Canada announced some new measures to help support Canadians impacted by Covid-19. If you are a senior and hold a RRIF, you may want to utilize the RRIF relief option. 

How does it work?

The government is offering a flexible 25% reduction of the required 2020 RRIF minimum payment to help seniors who are redeeming assets in this challenging market. This measure gives flexibility to anyone concerned they may have to liquidate their RRIF assets to meet minimum withdrawal requirements. 

Does it also apply to a Registered Pension Plan?

Yes, similar rules apply to anyone receiving variable benefit payments under a defined contribution Registered Pension Plan.

If you have any questions about your RRIF, book an appointment with one of our experts to discuss your situation. 

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