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FredSnowdon: 3 months ago

Is it possible for me as a Canadian to close an existing RRIF and have the RRSPs inside it stand alone again ?

I'm only 67 yrs old and a RRIF isn't required for RRSPs until age 71. Yes, I made a mistake and it will now cost me interest income because I cannot move the existing RRSPs elsewhere when they mature, when even the penalties for doing so would be very much worth it.

The TD Bank has pathetic rates - I can get as much as an additional 1% in Manitoba for an RRSP as I type - at Achieva - fact.

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refreshme: 3 months ago

this stuff makes my head spin too. do you have a financial planner ? i just want to learn more about this by tailing on your question. i apologise i don't know the answer.

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FredSnowdon: 3 months ago

It's puzzling. When I did it I thought one had to have a RRIF to establish a monthly income from one's RRSPs. That is a fact - but I ended up putting a rather large am't in total from several RRSPs inside the RRIF, when one at a time would have sufficed. It would be fine if the rates offered by that BIG BANK were any good, but they aren't. Now that I can get so much more - I want it out of the RRIF so I can move what is left, except the RRSP that is presently being used to pay me my monthly stipend. That is how it works and they should have told me so. I'm pretty good at this most of the time, but this was a mistake.

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FredSnowdon: 3 months ago

Somehow, some way, there must be a way to discontinue RRSPs being inside a RRIF if one is not 71 yrs of age yet. I need to find out if that can be done. I have moved other RRSPs outside of the RRIF to other institutions out west that pay a LOT more - thus the penalty for doing it is well worth the cost.

There is quite a sum that is only earning interest at a low rate that is coming for maturity and I want that money available to move it elswhere - 2.85% at Achieva is a heck of a lot more than 1.9% at TD Bank for 5 yrs !

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FredSnowdon: 3 months ago

I don't need a financial planner. I simply made a mistake and wasn't told about it - what happened is not wrong - but it was wrong of TD Bank to not warn me I didn't have to do it - yikes - at least $40k maturing this yr and the difference in interest income for a yr would be only $380 bucks, but it's the 'principle' that matters and of course, the compounding over 5 yrs that matters a lot.

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refreshme: 3 months ago

have you spoken to the people at Achieva for insights ?

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FredSnowdon: 3 months ago

Today is a holiday where Achieva is located in Manitoba, Canada. It's a holiday here too in Ontario - I know it's President's Day in the USA.

I intend to question Achieva tomorrow. @refreshme - no offense, but the 'follow' part may be tough. I rarely come on here and I'm 67 yrs old. Your profile seems young. Actually I'm 68 - it's my wife's RRSPs I'm referring to, but using myself as a lever to try to get some info. That 4 yrs makes a difference and TD SHOULD have told me I could use one RRSP at a time for an income for her.
They did not - typical of Big Banks - go to Achieva - not advertising here, but their rates are great - they're in Manitoba - only place - best daily interest acc't interest rate in the country - best GIC and RRSP-GIC rates - open to TFSAs which I have invested a bunch into just this yr - 5-yr GICs @ 2.85% - not one even close to that in Canada - best is 25 basis points below and there is a ton of paperwork - Achieva is all online and easy to start.
Look them up and call them - I'm not going to be openly a financial planner here. I would be typing for a long time - I NEVER delve into anything but GICs and the 'daily' interest acc't which makes the money available in 2-3 business days. Remember - we are retired and our funds are plentiful, but that's due to good planning and living this long - and making good money while working for so many yrs.

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FredSnowdon: 3 months ago

@refreshme - I won't block, but I won't click 'follow' either. I've said about all I can on this subject. If I get a 'bite' from Achieva - I'll put it on here. Otherwise I won't be on ask.com hardly at all. I'm a stickler for looking up my own stuff - usually find it too, but this one's a toughie right now, never mind it's a banking holiday.

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refreshme: 3 months ago

thank you. i learnt something from you today.i in fact, i have an appointment with the t.d. bank to discuss some financial options....you have opened my eyes about trusting banks.i followed you in hopes that someone on my circle of followers would see your dilema and offer a solution. wish you luck tomorrow...happy dyfunctional family day :)

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