# TDDI introduces RRIF withdrawal in WebBroker



## pwm (Jan 19, 2012)

Finally what I've been wanting for years. I got a message today when I logged onto my wife's account at TDDI saying one can now make a RRIF withdrawal in WebBroker. It's a new feature in the "RRIF Withdrawal" tab. That tab was enhanced recently and now has a further enhancement which lets you make your unscheduled withdrawal online. That was the only reason I had to make a phone call to TDDI and I hated the experience, especially last January when getting through to them was horrible. There's a pointer to a video about it in the message. Pretty simple, and I could never understand why they hadn't done this sooner.

Funny thing though. I signed on to my account and I don't see the message and there is no "Make Withdrawal" button on my screen. Both RRIF accounts are the same type as far as I know. One small difference is that mine is a "Basic RIF" and hers is a "Basic RIF - Spousal". Can't see why that would matter. Maybe they are rolling this out and my account will follow in due course. 

Question: What are others with RRIFs at TDDI seeing? Did you get the message or not? The message was dated Dec 21.


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## pwm (Jan 19, 2012)

Just checked my account today in WebBroker, and my "RRIF Withdrawal" tab also now has the "Make Withdrawal" option, although no message yet. It looks like they may be rolling this out in a phased manner. 

Thank you TD for another great enhancement to WebBroker.


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## like_to_retire (Oct 9, 2016)

pwm said:


> Finally what I've been wanting for years. I got a message today when I logged onto my wife's account at TDDI saying one can now make a RRIF withdrawal in WebBroker. It's a new feature in the "RRIF Withdrawal" tab. That tab was enhanced recently and now has a further enhancement which lets you make your unscheduled withdrawal online. That was the only reason I had to make a phone call to TDDI and I hated the experience,.........


I'm a few years away from having a RRIF, but I'm pleased to see that feature. Anything that involves a phone call to TDDI is a nightmare.

I anticipate using unscheduled withdrawals for sure. My plan is to remove the required RRIF percentage every year directly after a GIC comes due and then re-purchase a new GIC to keep my ladder alive. Since the ladder GIC's come due at random times during the year I couldn't come up with an efficient withdrawal date for scheduling purposes, so I figure I would just set a single Dec 31 date and the funds would be all removed by that date by myself.

So yeah, that would be TDDI phone calls I will be able to avoid. I'm banking on the hope that by that time I'll also be able to buy GIC's online. 

ltr


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## kcowan (Jul 1, 2010)

I have my RIF set up to automatically withdraw the minimum and deposit it in my investment account on Dec 15. I always work to have the minimum available by then. The added flexibility is welcome.


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## like_to_retire (Oct 9, 2016)

kcowan said:


> I have my RIF set up to automatically withdraw the minimum and deposit it in my investment account on Dec 15. I always work to have the minimum available by then. The added flexibility is welcome.


I guess that works for equities, but I don't see it working too well for GIC's. If a GIC comes due in January, you have to set aside the minimum withdrawal cash before re-purchasing a new GIC. That free cash can't really be placed into anything other than an HISA in the RRIF because it must be available for withdrawal at the end of the year on the date you set for automatic withdrawal. If you make an unscheduled withdrawal of that cash and get it invested outside the RRIF, it would supposedly do quite a bit better even with the small loss you would suffer from taxes not being applied on an HISA if you had left it in the RRIF. 

Thoughts?

ltr


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## kcowan (Jul 1, 2010)

Yes I agree. GICs and bonds need flexibility and scheduling the withdrawal at the expiry date is the optimum approach. I experienced that problem with my group RESP this year when 3 of 5 GCs needed their annual withdrawal. Fortunately I had enough stocks to cover. Otherwise it would have been the early withdrawal penalty on a fixed income holding.


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