From the first steps of becoming a homeowner to the complete planning of your retirement needs, we have a wide range of products and advice that can be tailored to your specific needs and objectives from Canada’s leading life insurance companies.
A segregated fund is an investment fund that combines the growth potential of a mutual fund with the security of a life insurance policy. Like mutual funds, segregated funds consist of a pool of investments in securities such as bonds, debentures, and stocks. The value of the segregated fund fluctuates according to the market value of the underlying securities.
Segregated funds offer additional protections that are not available through mutual funds, in Quebec:
- Beneficiary designation
- Creditor protection
- Maturity guarantee 75% to 100% of deposit
- Death benefit
- Guaranteed income products solutions
Segregated fund contracts can be registered or non-registered (taxable)
Tax-free savings account (TFSA)
Since 2009, a tax-free savings account (TFSA) is a way for individuals who are 18 years or older and who have a valid Canadian social insurance number to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.
Registered educational savings plan (RESP)
Registered educational savings plan is a contract between an individual (the subscriber) and a person or organization (the promoter).Under the contract, the subscriber names one or more beneficiaries and agrees to make contributions for them, and the promoter agrees to pay educational assistance payments (EAPs) to the beneficiaries.
Registered retirement savings plan (RRSP)
An RRSP is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax. Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan; you generally have to pay tax when you receive payments from the plan.
Registered retirement income fund (RRIF)
A RRIF is a fund you establish with a carrier and that we register. You transfer property to the carrier from an RRSP, RPP, or from another RRIF, and the carrier makes payments to you. Establishing a RRIF can be done at any time, but must be done no later than the year the annuitant turns 71. Once a RRIF is established, there can be no more contributions made to the plan nor can the plan be terminated except through death.
Locked-in retirement account (LIRA)
If you are in a registered pension plan with your employer and leave that company, your pension will be transferred into a Locked-In Retirement Account (LIRA). Locked-In Retirement Accounts are sometimes referred to as the more appropriate name of Locked-In Retirement Savings Plans (LRSP).
Life income fund (LIF)
When you retire, or at the latest when you reach the age of 71, you may transfer assets from your LRSP, LIRA, GRSP (locked-in) or employer-sponsored pension plan to a LIF or LRIF, depending on the applicable provincial pension legislation.
Did You Know?
TFSAs are powerful saving tools.
they allow for tax-sheltered growth while in the plan and trigger no taxable event at withdrawal. Despite this, most TFSA holders — including the highest earners — don’t maximize contributions, according to the most recent statistics on TFSAs published by the Canadian government (which are from 2019).