As part of the measures announced in Canada’s COVID-19 Economic Response Plan, the required minimum withdrawals from Registered Retirement Income Funds (RRIFs) will be reduced by 25% for 2020.

Please note that this reduction is for 2020 only and is available for all income plans (including locked-in) for clients who meet the following two criteria:

• They are taking the minimum payment only and
• They have not received the full amount to date

Clients can continue to withdraw funds based on the higher original minimum, or they can reduce 2020 payments to the new minimum (based on a 25% reduction) by adjusting or stopping future payments for the current year.

However, clients who have already withdrawn an amount that exceeds the reduced minimum are not able to recontribute the difference, as the legislation does not allow it.

Please note that Mackenzie will not automatically reduce payments to the 2020 minimum for eligible clients. If a client meets the criteria above and wishes to receive the reduced minimum amount, advisors can submit a request in the following way:

• Fax a letter of direction to 1-866-766-6623
• Call Client Relations at 1-800-387-0614

For further information, please contact your Dealer Relations Account Manager directly. You can also call us at 1-800-268-7119 or send an email to drelations@mackenzieinvestments.com.

Thank you for your continued support of Mackenzie Investments.
The Dealer Relations Team