By the end of the year in which you turn 69, you are required by Canada Revenue Agency (CRA) to collapse all of your RRSPs.

Rather than cashing investments at that time and incurring a large tax burden, most retirees choose to convert their RRSP accounts into a Registered Retirement Income Fund (RRIF) or other registered plans.

A RRIF is a government-approved fund designed to provide an individual with retirement income from a matured RRSP.

You can start to receive retirement income at any age. You must purchase your RRIF before the end of the calendar year in which you turn 69, and payments must begin the second year of the contract.

With your money in a Capital City Savings RRIF, you can continue to control your investments. Within the guidelines set out by CRA, you can determine the level of income you wish to receive - and change it periodically if you wish. You pay tax on income only as you receive it, and the principal within your RRIF continues to generate tax-free interest until it is withdrawn.

Contact us today for more details or to make an appointment with one of our Personal Bankers.

Phone 496-2000 or toll free 1-877-496-2151 or email