Your RRIF (Registered Retirement Income Fund) is an investment product that pays out income to you. RRIFs are registered under the Income Tax Act (Canada). You don’t pay tax on the interest income and growth of the account value. You must withdraw a minimum amount each year from the fund but you can also withdraw amounts in excess of this minimum. Typically, your payments will be monthly but can also be quarterly or annually.
If your life insurance company fails, Assuris will ensure that the payments under your RRIF policy continue and we will seek to transfer your policy to a solvent company.
If your individual RRIF is invested in an accumulation annuity your RRIF is protected by Assuris.
If you decide to take your RRIF as a lump sum, the payment is protected under Assuris’ Accumulated Value protection. Assuris guarantees that you will retain the amount of your investment up to a maximum of $100,000.
If you decide to continue taking payments from your RRIF, after the date of failure, the payments are protected under Assuris’ Monthly Income protection. At the date of failure, if the annual minimum withdrawals from your RRIF:
If your individual RRIF is invested in a segregated fund, the guarantee on the segregated fund will be protected. Please click here to see how the guarantee is protected.
Regardless of whether you take your payment monthly or quarterly, Assuris’ protection for RRIF payments is $24,000 per year, or if the payments exceed $24,000, the payments will be protected for at least 85%.
Assuris protects each member company separately. If you have more than one policy with the same member company, all similar benefits are added together before Assuris’ protection is applied.