Financial relief for your clients

Effective March 25, 2020, the Government of Canada decreased the required minimum withdrawal amount from RRIFs by 25 percent for the year 2020. 

What does this mean for me?
You can contact B2B Bank to provide faxed instructions to reduce the RRIF minimum by 25 percent on behalf of your clients.

Note: This will not be done automatically. You must make a request to reduce the RRIF minimum.

Who is eligible?

• Clients who have a RRIF with B2B Bank and have not yet withdrawn any money from their RRIF for the year
• Clients who have already received a portion of the RRIF minimum but still want the balance reduced
• Clients with RRIFs that include multiple investments can have the standing instructions reduced proportionately

Important: If your clients have already withdrawn more than the reduced minimum amount in 2020, they will not be permitted to re-contribute any excess back into their RRIF accounts.
Any other changes to client accounts must continue to be submitted in writing.