RRSP and RPP
A RRSP is one of the best ways to build towards financial security. With an RRSP, savings grow faster because earnings build tax free. Contributions aren't taxable which means your taxable income can immediately be reduced. When money is withdrawn at retirement, money can be saved on taxes again as retired individuals are usually in a lower tax bracket.

RPPs
Defined Contribution Pension Plans and Defined Benefit Pension Plans are also excellent ways of ensuring you have money at retirement. With a Defined Contribution Pension Plan, an employer can contribute a minimum of 1% of member earnings and with a Defined Benefit Pension Plan, the employer contributes whatever is necessary to fund the benefit. Under both plans, the employees may be required to contribute as well.

Registered Retirement Income Fund (RRIF)
A RRIF is a popular option for converting accessible savings, such as RRSPs, into regular income during retirement. A RRIF offers considerable income flexibility. At the same time, your savings remain tax sheltered and under your investment control. You have the additional flexibility of being able to adjust how much income you receive, how often you receive it, and even how it's invested! A RRIF provides for a minimum annual income for life.

Annuities
A Payout Annuity provides a series of payments for a specified number of years after retirement. Annuities can also provide payments for your life, your spouse's life, or the lifetime of both you and your spouse. This guaranteed income offers both stability and security. For many people, this provides an easy, worry-free answer to retirement income needs. Different types of annuities are available, including the following:

Life Annuity - provides you with income for as long as you live, and generally guarantees a number of years of payments to your beneficiary. The most common period selected is 10 years.

Joint Life Annuity - provides income payments for as long as you and your spouse live.

Term Certain Annuity - gives you a specified number of income payments. If you die before all the specified payments have been made, a death benefit is paid to your beneficiary. This option is particularly useful in situations where income is required for a specific length of time. For example, a five-year term may be selected to cover five years remaining on a mortgage.

Investment Funds
Investment funds are a popular alternative to buying GICs. These are managed by professional fund managers and therefore often provide better returns than GICs. Funds can also be purchased in units. Our clients often purchase a variety of funds to provide diversification in their savings portfolios.

Segregated funds allow the purchaser to choose how and where they want to put their money. Choices include:

Segregated funds are available from many Life Insurance Companies. These products compete with the mutual funds available from Banks, Trust Companies and Stock Brokers.