RRIFs also provide more flexibility if you need more retirement income in a particular year. You can receive your RRIF payments annually, semi-annually, quarterly or monthly. Pension benefits cannot simply be withdrawn from your employer's plan upon termination of employment. Locked-in RRSPs are subject to the same withdrawal restrictions as were the funds in the original pension plan. LIFs and LRIFs are RRIFs with restrictions on the maximum yearly payout.
Terms vary somewhat from province to province.
Combines federal tax, provincial tax and applicable surtaxes. It determines your tax savings resulting from your RRSP contribution. Both contributing to an RRSP and accumulating equity in a home, will contribute to your net worth and fiscal security, and both are worthwhile goals. When you make your RRSP contribution, you will get a tax break as high as half of your contribution, depending on your Marginal Tax Rate. Over time, RRSP holdings could well exceed the value of your home.