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Ll Converting your RRSP to a RRIF is _really anatuiil transmon as you enter retirement, but it's one that you may not have given much thought to until this point EXPIRV DATE: “may 28th 1993 FCJG04trtT.M. OFMC DE BURGER (PM Just when you thought you'd finally understood all of the ins and outs of Registered Retirement Savings Plans (RRSPs), along comes another acronym to mystify you. You may not know what a RRIF is yet, but don't despair - if you have mastered RRSPs, you're already halfway there. To put it simply, a Registered Retirement Income Fund (RRIF) is just a way of sheltering those hard-earned RRSP savings. F;...-.-..a.1_‘ ___---- nnnn . nut" . _. - FREE Appliéuie Gi, by.» try bearer. Valid at Burger King‘ Restaurant 1975 Weston Road (North of Lumen) Hem present this coupon before ordering 'etresrtwitiortrothrotfTNocehele t Buy a Chicken Sandwich at the regular price and get a second Chicken Sandwich FREE! REVIEWING THE BASICS 0F Ititjiie _,':"'", _r_ _ flg'itg: ___',",,"-,), Sa we tdi,, GET WHAT YOU’VE iii-ii-o, en GOT COMING To You. (iif, iiv,"t-pfc:,- "9",'; EN WEEKLY. Imagine getting paid once a week for doing absolutely nothing. Now it's possible. Introducing the National Trust Weekly Pay GIC. The first GIC to let you collect interest weekly to use right away or to re-invesL It's an investment option that lets you get 'Buy a Chicken Sandwich at the regular price and get a second Chicken Sandwich FREE! DE'BURGER KING CORPORATION 01993 i FO-SMNTM OFMC M BURGER KING CORPORATION 01993 [WEEKLYY‘ Introducing The New Weekly Pay GIC. 8 Chicken Sandwich Helping you secure your future 1922 Weston Rd. (Er Lawrence Ave. W.) Branch Manager: Janet Feairs 249-721 5 National Trust FREE 8 We" rg ii.ii,rirh1, t Rm: 2 Phirhn Sandwirh at flu Please present tha tampon before ordenng. Not and with my other offer, No tash vine. Nm4imtsetaaeshaetsetrrt-varrdat Burger King' Restaurant 1975 Weston Road (North of menu). Expltty DATE: Fobmay 28ht 1993 t Buy a Chicken Sandwich at the regular price and get a second Chicken Sandwich FREE! your interest working for you sooner. And it's an investment option available only at National Trust. So f you think you'd like the benefits of a weekly paycheque, talk with the experts at National Trust. It's time to get what's coming to you. Miéh in your life. Let's take a look now. After all the years of hard work and careful investing in your RRSPs, you probably haven't really thought about how to increase your retirement savings when you begin to draw on them. Current legislation requires that you close your RRSP by the end of the Iti', in which you reach age 71. That's when your P savings convert into retirement income for you. You have carefully tended your RRSP; how should you harvest it? In choosing an appro riate retirement plan, you will needjto consider many things - the investment mix for your chosen lifestyle and how it relates to inflation and taxes. You may opt for a number of different plans to meet your income needs. Whatever your decision, you should consider a RRSP allowed you to save for retirement and defer taxes. A RRIF allows you to continue sheltering those savings, while receiving a portion of them as retirement income. Think of it as an extension of your RRSP. You must pay tax on your retirement income in the year you receive it, but the balance of the RRSP savings you accumulated in your RRSP stays in your RRIF, RRIF as part of your approach. For RRSP holders, a RRIF is an excellent method of spreading those retirement dollars beyond age 71, while continuing to defer taxes and earn interest. So what exactly is a RRIF? Let's go into a little more detail. Essentially like an RRSP, a RRIF is aregistered plan - with a twist. Your SP RIN GMOUNT 2 King Crescent S ' Weston tet,', _ EMORS 4 6 47MI‘S. L Tate Springmount Seniors Residence has undergone major renovation and restructuring to provide residents with high quality care. The residents are encouraged to enjoy a meaningful, independent and active lifestyle. At springmount, residents and relatives boast on the quality care provided, our caring attitude and homely atmosphere. Family Channel ln-House Doctor Visits 24 hour Nursing Coverage All the Comforts of Home plus more Three Delicious Meals Daily plus Snacks Linen and Housekeeping Service Cable TV with First Choice, A & E and deason's Greeting§ ' ....and much more! $311 and savings accounts, to mutual funds and your own portfolio of qualified investments (self-directed RRIFS). You can take a salary for life, increase or decrease the amount and frequency of your pa ments, or take a lump sum when you need it. It's read/y up to you. Most importantly, deposits made in RRIF like GICs and savrng accounts, are insured by the Canada Deposit Insurance Corporation to maximum of $60,000 separately from your RRSPs and investments outside your RRSP. Undoubtedly. you still have many questions. Feel free to call me at (416) 249-7215. RRIF each year. That amount is calculated by a legislated formula based on your age. Put simply, a RRIF allows you to receive a minimum payment that increases each year up to age " These escalating payments act as a natural hedge against inflation. After age 94, the minimum value is equal to 20 percent of the value of your RRIF at the beginning of the year. The pa -out formula ensures that RRIF payments continue fbr life. So, it's reallyjust a way of paying yourself a salary from your investments, while minimizing the tax implications. Flexibility is a key feature of a RRIF. Beyond the legislated minimum amount that must be paid out to you each year, the possibilities for creative retirement planning are almost limitless. You can have as many RRIFs as you need. You can select from a number of options for RRIF investments - everything from GICs sheltered from tax and continuing to grow. Your RRSP funds are transfered to a RIF at any time until you reach age 71. Once you've opened a RRIF, a minimum amount must be paid out to you from your org, 'tYC, Bonnie Taylor School Trustee - Ward 6 . by Janet Feairs Janet Feairs - Branch Manager National Trust Page 5