{1}{R}, Remove a time counter from a permanent you control or suspended card you own: Rift Elemental gets +2/+0 until end of turn.
If an suspended card’s last time counter is removed this way, the suspend triggered ability is put on the stack on top of the Rift Elemental ability. The same is true for the vanishing ability of a permanent that loses its last time counter.
The counter is removed as a cost, so it can’t be responded to.