# Costs associated with opening and administrating a RRIF



## jman123 (Jan 28, 2015)

Greetings,

Probably/possibly retiring early 2019 and looking at converting some of my RRSP or LIRA monies to a RRIF or LIF sometime this year (I just turned 65). Was thinking of either 54K or 108K and using my wife's age of 63 would result in a 2K or 4K minimum withdrawal. Being now pension income (I have no other) I could claim the 2K pension income tax credit and, if I withdraw 4K, split my pension (2K each) with my wife who makes around 16-18K per year. 

Can anyone tell me about what financial institutions charge to open a RRIF and to administer it?

Thank you


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## AltaRed (Jun 8, 2009)

I think you have to look at the fee schedule for institutions of interest. They are going to vary. I have looked at 2 due to upcoming personal interest of my own (and that of my spouse):

Scotia iTrade - no fee to open or maintain if aggregate value of all accounts with iTrade exceed $25k (otherwise $100/yr). Partial de-registration $50 and full de-registration $125 http://www.scotiabank.com/itrade/en/0,,3694,00.html

RBC Direct Investing - no fee to open or maintain if aggregate value of all accounts with RBC Direct Investing exceed $15k (otherwise $25/quarter). Also waived if one has a few other qualifying RBC programs https://www.rbcdirectinvesting.com/pricing/fees.html#lowerfees Didn't see numbers for partial or full de-registrations.

Added: I cannot imagine any FI charging to open an RRIF. That just does not make marketing sense.


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## Beaver101 (Nov 14, 2011)

^ OP lives in QC so maybe they have special treatment???!


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## jman123 (Jan 28, 2015)

Thanks for the info. I do have a RBC Direct Investing account.


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