A registered retirement income fund (RRIF) is a tax-deferred retirement plan under Canadian tax law. Individuals use an RRIF to generate income from the savings accumulated under their registered retirement savings plan (RRSP).
What Makes a RRIF Halal?
The RRIF is just an account with some tax rules around it. It is how the money that is deposited into this account gets invested that will make it Halal or not. The focus here should not be the account type but the underlying investments. As long as that cash is being used to buy Shariah-compliant investments such as the Manzil Halal Portfolios then you should be able to sleep peacefully at night.
Benefits of a RRIF
You have the flexibility to choose how much income you want and how frequent that income is paid to you.
Avoid huge tax bills
You’re required to close your RRSP at 71 which can contain large amounts of money by that time. converting to a RRIF means that you won’t have to cash out the entire account and pay a huge tax bill that year.
Keep on growing
Whatever you keep in your RRIF account keeps growing through the Manzil Halal Portfolios tax-free.
Another Type of RRIF Account
Same as an RRIF, but for your significant other.
Just like a spousal RRSP, a spousal RRIF is used to invest money tax-free during your retirement. Unlike an RRSP, it's not used to accumulate money but rather to provide income after you retire.
We partnered with a Robo-Advisor, WealthBar, so you can access the Manzil Halal Portfolios and get financial advice.
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Your Money is Safe with WealthBar
Funds managed by WealthBar are held with custodian members of Canadian Investor Protection Fund (CIPF). This provides limited protection for customer accounts, in case of the custodians’ insolvency for up to $1 million per account type category.
- WealthBar is a registered portfolio manager.
- Advanced technology to secure your account.
- Protecting your personal information.
- Total transparency.