Five Key Financial Considerations for Dental Grads
Contributed by: MNP As new dental graduates embark on their careers, equipping them with financial knowledge sets them up for ...
Registered Retirement Income Fund (RRIF)
Keep your investments growing in retirement
With a RRIF You Can:
Roll over your RRSP funds tax-free into an investment account
Tailor your retirement income withdrawals to your needs
Take advantage of income-splitting
Choose from a broad range of CDSPI investment funds
Gain These Advantages from the RRIF
Leading fund managers
With management styles to match your objectives.
A wide range of funds
Designed to meet all your needs, including money market, bond, dividend, domestic and international equity funds, as well as guaranteed funds (equivalent to term deposits) and Managed Risk Portfolios (wrap funds).
Extra security
Segregated investment funds protect your investments from claims of creditors when you meet certain conditions.
Extremely low management fees
Ranging from 0.65 to 1.77 per cent1 depending on the fund selected — and no loads or routine service charges2 that can put a drag on your returns.
Professional assistance
At no cost in setting up your plan and making investment choices* — with no sales pressure
Eligibility
You are eligible to participate in this RRIF if you are a member of the CDA or a participating provincial or territorial dental association (in Quebec, only CDA members are eligible) or if you work for a dentist who is a member of one of those associations. Your immediate family members can also participate. Staff members of the CDA, all provincial and territorial dental associations and other specified dental organizations can participate as well.
Application
Open a RRIF by filling out an application form, or transfer proceeds from another institution to CDSPI by also filling out a transfer of registered investments form.3
You can also transfer locked-in retirement savings to a Life Income Fund (LIF) or Locked-In Retirement Income Fund (LRIF) or Prescribed Retirement Income Fund (PRIF), depending on the applicable provincial pension legislation.
Investment Resources
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Laddering: Safely Scale to New Financial Heights
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1 Management fees are subject to applicable taxes.
2 Surcharges may be levied for short-term trading.
3 The minimum initial purchase per investment fund is $50; the minimum additional purchase per investment fund is $25; the minimum pre-authorized contribution per investment fund is $25 (with the exception of Guaranteed Funds, which are subject to a minimum $500 deposit).