Frequently Asked Questions

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Registered Accounts

Eligibility for the CESB is determined by several criteria, including residency status, ineligibility for EI or CERB, and COVID-affected employment status. Age is not a qualifying factor, but you must also fit one of the following student definitions:

  • You are currently enrolled in a post-secondary program that is at least 12-weeks long and results in a degree, diploma or certificate
  • You graduated from a post-secondary program in December 2019 or after
  • You have completed, or you expect to complete, high school or your high school equivalency in 2020 and have applied for a post-secondary program that starts no later than February 1, 2021

For more information about eligibility or to apply, visit the CRA website.

The benefit provides you with $1,250 per month for each period you qualify for. If you are disabled or you have a dependent who is 12 years old or younger, the benefit is increased to $2,000 per month for each qualifying period.

The CESB is paid out in monthly installments, each of which is called an eligibility period. Similar to the CERB, if you want to receive the CESB you must re-apply for the benefit each month to confirm eligibility.

On Wednesday March 18, 2020, as part the COVID-19 Economic Response Plan, the Canadian Federal Government announced they are reducing the minimum withdrawals from Registered Retirement Income Fund (RRIF), Life Income Fund (LIF) and other locked-in RRIFs by 25% in 2020. This change will provide flexibility to seniors who may be concerned about their investments at this time. You can read more information here.

The 25% reduction is available for individuals who have yet to receive the minimum payment. You are unable to re-contribute the minimum amount that has already been paid out to you for 2020.

The temporary new withdrawal rates are as follows:

2020 RRIF Withdrawal Rates

Age (as of Jan 1, 2020)

Normal withdrawal rate

Reduced withdrawal rate for 2020

55

2.86%

2.145%

56

2.94%

2.205%

57

3.03%

2.2725%

58

3.13%

2.3475%

59

3.23%

2.4225%

60

3.33%

2.4975%

61

3.45%

2.5875%

62

3.57%

2.6775%

63

3.70%

2.775%

64

3.85%

2.8875%

65

4.00%

3.00%

66

4.17%

3.1275%

67

4.35%

3.2625%

68

4.55%

3.4125%

69

4.76%

3.57%

70

5.0%

3.75%

71

5.28%

3.96%

72

5.40%

4.05%

73

5.53%

4.1475%

74

5.67%

4.2525%

75

5.82%

4.365%

76

5.98%

4.485%

77

6.17%

4.6275%

78

6.36%

4.77%

79

6.58%

4.935%

80

6.82%

5.115%

81

7.08%

5.31%

82

7.38%

5.535%

83

7.71%

5.7825%

84

8.08%

6.06%

85

8.51%

6.3825%

86

8.99%

6.7425%

87

9.55%

7.1625%

88

10.21%

7.6575%

89

10.99%

8.2425%

90

11.92%

8.94%

91

13.06%

9.795%

92

14.49%

10.8675%

93

16.34%

12.255%

94

18.79%

14.0925%

95+

20.0%

15.0%

 

If you still have not taken your RRIF payment, simply send us the RRIF Payment change form and add a note to reduce your remaining minimum payment by 25%, and email the form to us at customersupport@qtrade.ca. If you have already taken your RRIF payment for the year, you can’t make any changes nor can you return the 25% back to your RRIF account.

On average it takes 10 business days to fully process a RRIF payment change, which means you should submit your Payment Change Form at least 10 business days before your next scheduled payment. If you have less than 10 business days until your next payment, the reduction will come into effect on the payment after that.

No, we are not automatically enrolling anyone in the reduction program. We understand that not every client who is eligible for the reduction will want to participate.

To convert your RRSP to a RRIF, you will need to open a RRIF account by November 30 in the year you turn 71. If we do not receive your application by that date, we will automatically convert your RRSP to a RRIF.

Please note: Trading activity on the new plan will be restricted until the receipt of the required application.

The year after you open your RRIF, you must begin taking payments out of your account. Payments are calculated using a specific percentage based on your age, and the total value of your RRIF assets as of December 31 of the previous year. We don't automatically sell assets for you to make cash available for your RRIF payments, so be sure to do that at least a week ahead of your scheduled payment date.