March 23, 2020

Relief for Registered Retirement Income Fund (RRIF) Annuitants

2020 RRIF Minimum Amount Changes

On March 18, the Government of Canada announced immediate action to assist Canadians facing hardship as a result of the COVID-19 outbreak. One of these measures includes a flexible 25% reduction of the required 2020 RRIF minimum payment to provide relief to concerned seniors who are required to redeem assets in this volatile market.

What are the changes?

  • RRIF annuitants can request a 25% reduction to their 2020 RRIF minimum payment by contacting their credit union and updating their 2020 RRIF payment information.
Financial Services is committed to delivering continued services and providing updates on any changes that impact registered accounts during this unprecedented time.

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