Relief for RRIF holders
Want to reduce your annual RRIF payment amount for 2020? Or take more than your annual minimum to help make ends meet? Here’s what to do.
Two ways we can help adjust your RRIF income
In this uncertain time, Manulife Bank is pleased to provide Registered Retirement Income Fund (RRIF) customers like you extra flexibility in the amount of annual payments you receive. Whether you’re looking for a reduction or an increase, please allow us at least five (5) business days before your next scheduled payment date to process your request.
I want to reduce my annual payment amount by up to 25% for 2020
The federal government announced a relief measure in the Covid-19 Economic Response Plan, designed for RRIF holders who want to give their retirement investments a little more time to grow. If you haven’t already taken 100% of your required annual minimum, you are able to reduce your payment(s). You can go down to as low as 75% of the original minimum for 2020 set for you by the Canada Revenue Agency (CRA).
I’m going to need more than my CRA minimum annual amount
Manulife Bank can assist if you need to take more income from your RRIF. Give us a call or send us a letter of direction requesting an increase in your scheduled payments. Keep in mind that withholding taxes apply to any amount in excess of your CRA annual minimum amount. We’ve made this feature a permanent enhancement to your RRIF. It’s now available any time you need it.