Scotia RRIF Options & Services - COVID-19

Market volatility as a result of COVID-19 has negatively impacted seniors’ retirement savings. To help protect your retirement savings, the Government of Canada has lowered the minimum withdrawal requirements for Registered Retirement Income Funds (RRIFs) by 25% for 2020.

How can I take advantage of the reduced minimum withdrawal on my RRIF?

Effective April 26, 2020, Scotiabank has reduced your original annual minimum payment for 2020 to the new annual minimum amount to align with the recent Government changes.

My Annual Minimum Payment (AMP) has already been paid out. Can I take advantage of the 25% RRIF reduction?

No. If you have already withdrawn or received more than the new reduced annual minimum amount, the Canada Revenue Agency will not allow the re-contribution of any amount back to your RRIF account. 

 

How do I receive the reduced Annual Minimum Payment (AMP)?

There will not be any change in the date or frequency in your AMP. Scotiabank will be (starting the week of April 27, 2020) contacting Registered Retirement Income Fund holders who are eligible for the reduction, to advise them that their AMP have been reduced for 2020 by 25%.

How do I request the unreduced Annual Minimum Payment (AMP)?

If you require your annual minimum payment for 2020 to be re-adjusted back to the original annual minimum payment, please call the Scotiabank Contact Centre at 1-800-268-9269 or your local Branch representative and provide instructions on the amount that you would like to receive.  

I live outside of Canada and have not received my quarterly Personal Portfolio Statement (PPS) yet.  Is there a reason for the delay?

Yes, due to a suspension of mail service to some international countries Scotiabank did not send the PPS out.  We are holding onto the PPS and will send out by Canada Post once the suspension is lifted.