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Retirement
Planning

Whether you’re self-employed, a business owner with employees or looking to set up your own plan, there’s a retirement solution tailored for you


Retirement Income Projection & Analysis  

If you’re saving for retirement, you want your money to grow steadily and reliably so you know you’ll have enough to live day-to-day and enjoy life when you have more time on your hands. 


Pension Analysis & Severance

Whether it's a pension or a severance package or both, determining how to manage that money can be a daunting process. People often find themselves stymied by a pension's statement of options. 


What is a TFSA?

A Tax-Free Savings Account is a flexible, general-purpose savings vehicle that allows you to make contributions each year and to withdraw funds at any time in the future.

How does a TFSA work?

A TFSA provides you with a powerful incentive to save by allowing the investment growth to accumulate and be withdrawn tax free. However, unlike an RRSP, you cannot claim a tax deduction for contributions you make to a TFSA.

Starting in 2009, all Canadian residents who are 18 years of age or older can contribute a legislated dollar maximum per year a TFSA. If you do not contribute or do not contribute the full amount, the unused amount will carry forward indefinitely.

Also, if you withdraw money from your TFSA, the amount withdrawn will be added to your contribution room in the next calendar year.


What is a Registered Retirement Savings Plan (RRSP)?

An RRSP is a retirement plan that is registered with the Canada Revenue Agency (CRA) and that you or your spouse make contributions to. Because deductible contributions can be used to reduce your tax and because income or growth earned in the plan is usually exempt from tax while the funds remain in the plan, an RRSP acts like a tax shelter that provides you with a powerful incentive to save money for your retirement years.

How does a Registered Retirement Savings Plan (RRSP) work?

An RRSP is generally available to you if you have qualifying income. Once you contribute funds into an RRSP, any growth or income earned on the underlying investment will not be taxed until you withdraw that money. In addition, you can claim deductions for contributions you make to your RRSP.

You can contribute to an RRSP at any time. However, for contributions to be tax-deductible for any given year, they must be made on or before the 60th day of the next calendar year. This date typically falls on or about March 1.

Annual contributions to an RRSP are generally limited to your annual contribution limit. Unused deduction room from previous years can be carried forward. You can find your unused RRSP deduction room on your Notice of Assessment from the prior calendar year.


What is a Registered Retirement Income Fund (RRIF)?

A RRIF is a retirement income plan that is registered with the Canada Revenue Agency (CRA) and that receives cash and qualified investments from a Registered Retirement Savings Plan (RRSP). Income and growth on investments in a RRIF are tax free. However, a prescribed minimum amount must be withdrawn from a RRIF each year and all amounts withdrawn are taxable as income in the year of withdrawal.

How does a RRIF work?

You can continue to own and maintain the tax shelter on investments in an RRSP after the RRSP matures by transferring those assets to a RRIF. This must happen no later than the end of the year in which you turn 71.

A minimum amount prescribed by the government must be withdrawn from a RRIF each year. As you age, the minimum amount increases as a percentage of the value of the RRIF.

While there is a minimum withdrawal amount, there is no limit to the amount of the withdrawal up to the value of the RRIF. Withholding tax will be held back on certain withdrawals, but do count as tax payable in the year of withdrawal.