Will the full value of my RIFF be taken away

October 22nd, 2008 by Questions

I have an RIFF which has lost considerable value from last year. I will be required to withdraw about 8.5% of the value this year. This is in addition to my modest pension. If I were to file for bankruptcy would the full value of my RIFF or the annual withdrawl amount (in Jan) be taken away?

Posted from: Alberta

Questions

One Response to “Will the full value of my RIFF be taken away”



October 23, 2008 at 7:22 am, A licensed trustee said:

Your trustee is entitled to the same rights to withdraw funds from your RIFF as you have – if you can cahs the entire RIFF out then your trustee may also be able to do that. If you can only make limited withdrawals then your trustee will simply include those withdrawals in your income when you take them and they will be subject to the surplus income rules.

This can be complicated stuff – speak to your trustee about this BEFORE you file.

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