Does Motive offer RRIFs? | Motive Financial | Discussion forum

People reported earlier that Motive Financial does offer RRIF accounts.

However, one person was told by Motive that withdrawals more than the RRIF minimum could not be done!

The thread was started by someone who had RIF's at Canadian Western Bank.

The person was going to transfer those existing RIF's to Motive Financial because the GIC rates were much better at Motive Financial. Motive was e-mailing the RIF transfer forms for the transfer.

The person ended up not going through with the transfer to Motive after talking with Canadian Western Bank again. The existing RRIF GIC's were eventually renewed with Canadian Western Bank.

There are some banks that appear to not want to offer RRIFs. I assume they don’t want to be involved in the mandatory payments.

People’s Trust has RRSP too but no RRIF. I imagine that would be a forced situation to find a different FI to take over your RRSP to RRIF conversion.

From what I hear here, I would stay away from Motive.

I do plan to move everything away from Hubert and I may consider Canada Western. I have 3 branches to choose from….Langley, Port Coquitlam and Langley. They are also expanding store fronts into other provinces as well.

If you are with them, have you discussed negotiating rates to match Oaken or? I have been told they do at the branch level.

Then what about:
CWB
OAKEN ... but no savings account
Hubert.

Not sure if you are in the RRIF era or just forward planning your RRSP to RRIF. But here are some of my strategies.

I checked out Oaken earlier this year, but the lack of a registered savings account was a deal breaker.

I moved all my RRSP from Manulife years ago. I made it a quick one transfer and it was all out...wife’s too. I went to Oaken because of the rate and because they had RRIF too. I began pulling out RRSP funds many years before age 71 just to wind it down and reduce the tax burden in the event of death. Now, basically all my x RRSP/RRIF is all in TFSA. All withdrawals have never pushed into the next tax level. I then split some out, of mine only, to Hubert. That way I can take the mandatory amount from Hubert and Oaken and then withdraw more from Hubert to top up our TFSA needs. Some pre planning is needed to either have RRIF cash available at Hubert or to have a GIC mature. At Hubert I keep a couple thousand in cash. And for the extra needed for TFSA I take some or all from a matured GIC then reinvest into another GIC. I think that having a number of $1000 RRIF GICs at both Oaken and Hubert maturing every year will give me the flexibility needed.
I too, am concerned about Hubert’s future cooperation in regards to extra RRIF payments.
BUT one must read up on what GICs are “picked on” for a mandatory payment and how to get extra. Basically last year I picked what GIC that I wanted extra from at Hubert. Every FI has different rules.

I have an RRSP at Hubert, but their recent decline in online functionality makes me reluctant to put more into that institution until they fix their IT setbacks.

Me too. As of today my wavering decision is to move every thing out of Hubert and that will take me out of Manitoba all together. And will put me all in lower mainland BC and all with store fronts.

I much prefer dealing with online banks, and will consider EQ and Tang, where I already have accounts.  

Me too, but PT, PB, Hubert requires some human conversation for interest payments and maturity directions. When I used Accelerate, it was all by phone. Oaken has the best as I can do all I need, online.

Rail Baron said
@serendipity

Good advice, and yes I am planning ahead to 2025 when the first RRIF conversion in our household will occur.

Given the rates being better at EQ, and the ease of opening an RRSP since the Rail Baroness and I both have accounts with EQ, and the fact that they don't charge for transferring out registered funds, maybe I'll just open the RRSP with EQ and hope they decide to add RRIFs in 2024 to keep funds from us boomers. If not, I can then shift to another institution in 2025.  

Every body has their own choices to make that best suit them. Just keep in mind the only real difference between a RRIF and an RRSP is that you must take a mandatory amount out of the RRIF. I began downsizing the funds when they were in the RRSP state and wish I had clued in a few years earlier! I was retired off at 55 with a golden hand shake.

And thanks to all the people here, over the years I have done quite well with GIC's only.

Norman1 said
The thread was started by someone who had RIF's at Canadian Western Bank.

The person was going to transfer those existing RIF's to Motive Financial because the GIC rates were much better at Motive Financial. Motive was e-mailing the RIF transfer forms for the transfer.

The person ended up not going through with the transfer to Motive after talking with Canadian Western Bank again. The existing RRIF GIC's were eventually renewed with Canadian Western Bank.  

Hi Norman: That was probably me. I have RRIF's with CWB. One of the GIC's was maturing awhile back and I was considering transferring all my RRIFs as they matured to Motive. Motive confirmed they do offer RRIF's and they sent me the forms to do the transfers. There would be no penalties on either side. However, I decided to roll over the RRIF GIC with CWB after all as I could just do the renewal over the phone and they were offering a good rate.