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SEGREGATED FUNDS
A popular investment option, available only from life insurance companies. Segregated funds are large pools of money invested in stocks, bonds or other securities. They also offer guarantees and some of the additional benefits of a life insurance contract.
ANNUITIES
(Guaranteed Income)
A financial product that provides you with a guaranteed regular income. It is mostly used during your retirement years and sold by an annuity provider such as a life insurance company.
TFSA-TAX FREE SAVINGS ACCOUNT
A tax-free savings vehicle that helps Canadians save and invest their money throughout their lifetime. While you can make contributions and withdraw funds whenever you want without penalty, contributions can only be made if there is available contribution room.
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RESP-REGISTERED
EDUCATION SAVINGS
PLAN
An investment vehicle available to Canadians to save for qualified post-secondary education expenses for eligible students. The principal advantages of RESPs are the access they provide to the Canada Education Savings Grant (CESG) and as a method of generating tax-deferred income.
RRSP-REGISTERED RETIREMENT
SAVINGS PLAN
A retirement savings and investing vehicle for employees and the self-employed in Canada. Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan.
Be advised that investing in an RRSP means that you’re deferring the taxes until after you retire. Since many people have a lower income than when they were still working, the money withdrawn from an RRSP is likely to get taxed at a lower rate.
RRIFs-REGISTERED RETIREMENT
INCOME FUNDS
An RRIF is like an extension of your RRSP in the sense that you can convert your RRSP into an RRIF and start withdrawing money from it after you retire. Like RRSP, the funds that remain in the RRIF still earn interest or other income tax-free.
After retirement, you can choose to convert your RRSP into an RRIF and leave it as-is if you don’t need the extra income. But once you reach 71 years old, you have to start withdrawing a minimum amount each year.
GIFs- Guaranteed Interest Funds
Like GICs, the GIF is an investment option that offers a fixed, guaranteed interest rate for the duration of your investment although it offers, at no additional cost, benefits that are not available with GICs, such as quick settlement in the event of death and possible creditor protection.
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