Financial relief for your clients |
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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 - Clients who have a RRIF with B2B Bank and have not yet withdrawn any money from their RRIF for the year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
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Important: If your clients have already withdrawn more than the reduced minimum amount in 2020, they will not be permitted to re-contribute any excess back into their RRIF accounts.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. |
