Retirement Plans

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All of our portfolios and individual funds are eligible for inclusion in your RRSP, RRIF, TFSA, RESP and locked in plans.

Save for your retirement with a Registered Retirement Savings Plan (RRSP)
An RRSP is a registered plan that grows on a tax-deferred basis. It can hold numerous investments, including mutual funds. With an RRSP, the money that you contribute is deductible from your income when you file your tax return, which means that you could get some of that money back as a tax refund. Earnings on your investment are also exempt from taxes as long as you keep them in your RRSP. Withdrawals from your RRSP are included in your regular income and are subject to tax at your marginal tax rate.

Enjoy your retirement with a Registered Retirement Income Fund (RRIF)1
The government requires that your RRSP investments be converted to a retirement income option by the end of the year that you turn 71. Most Canadians choose a RRIF, which allows you to control your choice of investments and gives you the flexibility to choose the timing of your income payments. Your RRIF income payments are considered to be a part of your ordinary income, so they are taxed as such by the Canada Revenue Agency in the year that you receive them. Minimum amounts need to be withdrawn yearly from a RRIF, but the remaining investments can remain in the plan, where they can continue to grow on a tax-deferred basis.

1Portfolios are not eligible to be purchased within a RRIF. You may select an individual fund instead.

Earn tax-free investment income with a Tax-Free Savings Account (TFSA)
A TFSA is a registered savings plan that allows you to earn interest or other investment income tax-free inside the plan. As of 2013, Canadians 18 years and older have $5,500 of annual TFSA contribution room. These contributions are not tax deductible, and withdrawals of contributions and earnings from your TFSA are not taxable.

Make your pension funds work for you with a Locked in Retirement Account (LIRA)
Locked In Retirement Accounts (LIRA) are RRSPs, only that the funds are locked in. They originate from Registered Pension Plans where funds are set aside by an employer, an employee, or both to provide a pension when the employee retires. When an employee has terminated employment and was a member of a registered pension plan, any funds due to the employee under that plan may be transferred to a LIRA. Withdrawals may not be made from a LIRA prior to retirement (Generally at age 55 or older) other than in very limited circumstances. By the end of the year in which the taxpayer turns 71, a LIRA must be transferred into a RRIF or withdrawn.

What if the child does not pursue higher education?
If you have a family plan, you can use the earnings to pay for the education of another child the plan. With an individual plan, you may have the option of naming another beneficiary, but the total CESG may have to be returned to the federal government.
If no beneficiary chooses to pursue higher education, you may be able to transfer up to $50,000 tax-free from the RESP to your RRSP subject to these special conditions:

  • The RESP must have been in effect for at least 10 years
  • All RESP beneficiaries must be at least 21, and not currently seeking higher education
  • You must be a Canadian resident
  • In addition, normal RRSP contribution limits apply
  • If you do not have sufficient RRSP contribution room, you may be able to withdraw plan earnings, however, some restrictions and additional taxes may apply

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