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Once you have retired, or by the end of your 71st year, you must transfer your RRSP savings to a RRIF (Registered Retirement Income Fund). The contributions you have made to your RRSP will help give you the retirement income you need for the lifestyle you wish to enjoy. The RRIF savings option gives you flexibility to withdaw the minimum amount required or as much income as you need. The more savings you maintain in your RRIF, the more taxes you defer. The balance of the RRIF continues to earn tax-sheltered interest.
RRSP & RRIF Savings Option
Updated 2011-11-01
| On the entire amount when your daily closing balance is: | Interest Rate |
| Between $0 - $49,999 | 0.20% |
| Between $50,000 - $99,999 | 0.25% |
| Between $100,000 - $1,000,000 | 0.50% |
| No minimum deposit. Interest calculated daily and paid monthly. Interest is calculated up to the balance of $1,000,000 only, no interest will be paid on any portion over the balance of $1,000,000. |
| Rates are subject to change without prior notice. For information and to confirm most recent rates, please contact any HSBC branch. |
