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Have you set up an RIF at Hubert?
April 19, 2018
12:13 am
Loonie
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I want to start a RIF at Hubert and will be transferring funds in.
On their "forms" page, I find a Transfer form and a Beneficiary form, but I don't find any kind of form which sets up the RIF.

At other (bricks and mortar) FIs, when you open an RIF, there are places where you can indicate if you want the payments to start this year or next (if you are not yet turning 71) and also, more importantly to me, where you can specify if you want the mandatory minimum withdrawals to be pegged to your own age or your spouse's age. I want to use spouse's age but there is no place where I can put this in writing as far as I can see.

I want something in writing which verifies my decision, as the law does not permit this to be changed at a later date.
Since Hubert does not send out GIC certificates, I am concerned that it may turn out that no verification is available. This doesn't sit well with me.

Has anyone else encountered this problem, and, if so, how did you resolve it?

thx

April 19, 2018
5:23 am
Bill
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I'd just call them, probably get your answers in a few minute conversation.

April 19, 2018
6:03 am
Kidd
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https://www.happysavings.ca/meet-hubert/forms-agreements/

Those are the only hubert forms that i could find. Maybe they use the same auto transfer form for all transactions (top left).

April 19, 2018
9:23 am
Loonie
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I did consider that form, Kidd. Even if they do use it, it doesn't allow for any input about payout from the RIF, e.g. whose birthdate, or whether payout is to be annual or monthly etc.
Had I not encountered even worse problems earlier with Tangerine in this regard, I might be willing to go with a phone conversation, but I want somehting which I can fill out in writing and sign at the time I direct the conversion to be made. If they have such a form, it should be on the Forms page with the others. (Tangerine, for example, said, among other things, that they have no such form; and also refused to take verbal direction.)

Is there nobody here who has an RIF with Hubert?
Hubert was slow to offer RIFs, so I'm wondering if they're not completely up to speed with them yet.

April 19, 2018
4:01 pm
Norman1
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I just tried to add a RRIF savings account on their web site.

When I checked the "Make this a RIF Savings Account" box, the text After creating a new RIF account we will contact you to setup annual payment details appeared.

Looks like Hubert's RRIF account setup is not fully automated yet.

April 19, 2018
8:55 pm
Loonie
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Thanks for the research, Norman. This still seems a bit vague and leaves me nervous about the birthdate issue.
I guess I'll have to call, but if the answer is not satisfactory, I'm going to have to change my plans completely.

April 23, 2018
8:35 am
John Wayne (Marion)
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I plan to control moving RRSP funds to a RRIF account at Hubert and then withdraw from RRIF to buy TFSA.

Loonie. Just do the chat thing with them and print it or screen print it.

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