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Email this1:32 pm
May 26, 2022
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Looking for RRIF GIC with the option to withdraw more than the minimum each year. So far only GICwealth seems to have this option where you can choose the percentage above the minimum.
Any others or is there another good strategy to meltdown RRIF's faster while retaining these good rates?
2:31 pm
February 7, 2019
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NCC1701Z said
Looking for RRIF GIC with the option to withdraw more than the minimum each year. So far only GICwealth seems to have this option where you can choose the percentage above the minimum.Any others or is there another good strategy to meltdown RRIF's faster while retaining these good rates?
Who doesn't? A quick look at Motive, Oaken and TNG says they do.
| CGO |
3:25 pm
May 26, 2022
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TNG?
I contacted both, neither allows > than the minimums unless they are in a savings acct. Oaken rates are terrible
4:12 pm
February 7, 2019
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NCC1701Z said
TNG?I contacted both, neither allows > than the minimums unless they are in a savings acct. Oaken rates are terrible
Ah; I was focused on RIF's not GIC vs HISA.
TNG is my abbreviation for Tangerine. Sorry ...
| CGO |
6:32 am
March 15, 2019
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I thought most, if not all, institutions that offer GIC's in a RRIF allow you to take any amount from the floor to the ceiling.
9:36 am
April 6, 2013
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Do they offer GIC's in a RRIF or RRIF GIC's?
Brokers, like Scotia iTRADE, offer RRIF accounts that can hold GIC's. One can withdraw anything from the minimum up to, for locked-in RRIF's, a certain maximum. There's no special terms to the GIC's. So, one needs to ensure there is enough funds from interest and GIC's maturing for the desired withdrawals.
Some financial institutions offer RRIF GIC's that have fine print to allow for early partial cashing for the withdrawals. I think it is possible the fine print would not allow more than the minimum withdrawal. It's really not a five-year RRIF GIC if the fine print allows the depositor to request a 50% withdrawal before maturity.
11:46 am
March 15, 2019
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Norman1 said
Do they offer GIC's in a RRIF or RRIF GIC's?Brokers, like Scotia iTRADE, offer RRIF accounts that can hold GIC's. One can withdraw anything from the minimum up to, for locked-in RRIF's, a certain maximum. There's no special terms to the GIC's. So, one needs to ensure there is enough funds from interest and GIC's maturing for the desired withdrawals.
Some financial institutions offer RRIF GIC's that have fine print to allow for early partial cashing for the withdrawals. I think it is possible the fine print would not allow more than the minimum withdrawal. It's really not a five-year RRIF GIC if the fine print allows the depositor to request a 50% withdrawal before maturity.
Check with your institution.
I think they will "break" a 5 year GIC so you meet the mandatory minimum RRIF withdrawal. Not sure about withdrawing more than the minimum.
12:04 pm
February 7, 2019
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It sounds like if you're wanting to hold GIC's in a RIF, you need to plan to have enough maturing $ or enough HISA $ in the RIF to get to the desired level of annual withdrawals ...
| CGO |
12:26 pm
May 26, 2022
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Norman1 said
Do they offer GIC's in a RRIF or RRIF GIC's?Brokers, like Scotia iTRADE, offer RRIF accounts that can hold GIC's. One can withdraw anything from the minimum up to, for locked-in RRIF's, a certain maximum. There's no special terms to the GIC's. So, one needs to ensure there is enough funds from interest and GIC's maturing for the desired withdrawals.
Some financial institutions offer RRIF GIC's that have fine print to allow for early partial cashing for the withdrawals. I think it is possible the fine print would not allow more than the minimum withdrawal. It's really not a five-year RRIF GIC if the fine print allows the depositor to request a 50% withdrawal before maturity.
Do you know which institutions that offer > minimums?
Are the GIC's that Scotia iTRADE offer their own or other institutions? Can I see the rates anywhere?
3:11 pm
April 6, 2013
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Scotia iTRADE offers GIC's from both their Scotiabank corporate family and others. Quite a large number from others. Some of the others are BMO, RBC, Manulife Bank, Concentra Bank, National Bank, ICICI Bank Canada, and Community Trust.
The GIC's and rates are not publicly available. I need to sign into my iTRADE account to see them. These are the best rate and issuer for 1 year to 5 years as of Friday:
1 year 4.80% B2B BANK
2 year 4.62% VERSA BANK
3 year 4.46% HOMEEQUITY BANK
4 year 4.30% HOMEEQUITY BANK
5 year 4.30% PRESIDENT'S CHOICE BANK
They are not RRIF GIC's. They are just regular GIC's one can buy for one's Scotia iTRADE account, non-registered or registered.
I don't have any info about RRIF GIC's that would allow more than the minimum withdrawal each year. Like COIN, I presumed that RRIF GIC's would allow any withdrawal desired, as long as one withdrew at least the minimum each year!
4:58 pm
March 15, 2019
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Norman1 said
I don't have any info about RRIF GIC's that would allow more than the minimum withdrawal each year.
Yes, I think that is correct. The institution should break the GIC (if they are the actual issuer and not just the intermediary like a broker) to allow the minimum (always check with the institution directly). Not sure they will allow more than the minimum until the GIC matures or redeemable.
6:01 pm
April 6, 2013
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frugal lady asked Hubert about this in 2019. At that time, Hubert replied that one could withdraw more than the minimum from their RRIF plan, even if some of the unmatured GIC's need to be tapped for the withdrawal.
Looks like it depends on the fine print in the particular RRIF GIC. Some RRIF GIC's will only allow partial early cashing to fund the minimum required withdrawal. Some will allow more to be cashed early.
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