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To
discuss your Finance & Investment Insurance with one
of our professional commercial lines representatives
today, call 905-886-5630 or
toll free at 1-800-567-1279,
or fill out the online quote
form.
Group RRSP and RPP
A group RRSP is one of the best ways employees can 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 When money is withdrawn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.
Some of the features include:
- Contributions
are deducted regularly from pay cheques.
- The
employee decides how much to contribute.
- All
it takes is as little as $25 a month in any investment
option to produce tax-sheltered assets.
- No
end-of-year hunts for extra cash to put into an RRSP.
- Employees
can choose their investment fund and change their strategy
at any time.
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Group RPPs
Defined Contribution Pension Plans and Defined Benefit Pension Plans
are also excellent ways of ensuring employees have money at retirement.
With a Defined Contribution Pension Plan, the employer must 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:
- stocks
- diversified
- international
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- bonds
- mortgages
- money
market
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Our
funds are available from many Life Insurance Companies. These products
compete with the mutual funds available from Banks, Trust Companies
and stock brokers.
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