SSQ RRSP, TFSA, RRIF, and Other Investment Plans

The registered retirement savings plan (RRSP) is an individual savings plan for your Retirement.

RRSP, TFSA, RRIF, and Other Investment Plans

Do you want to safeguard your investment from taxes? Are you saving up money for another project or your Retirement? Or do you wish to receive retirement income payment at this very moment? Before investing in an Investment Plans, the first step is to choose the right plan. Policies are made up of segregated funds or guaranteed interest accounts (GIAs). The policy must be selected based on the sources of your savings and your investor's profile.

Take Advantage of your tax benefits by saving for Retirement

The registered retirement savings plan (RRSP) is an individual savings plan for your Retirement.

Advantages of Registered Retirement Savings Plan

  • When filing your annual income tax return, contributions to your RRSP help decrease your taxable income.

  • The investments in your savings plan generate tax-free returns.

How the RRSP Works

  • Withdrawals from this savings plan are considered as taxable income, whether before or after Retirement.

  • The most significant contribution amount you can make annually is based on your income. This amount is specified on your notice of assessment issued by the Canadian Revenue Agency.

  • When your turn 71 years of age, the amounts amassed in your savings plan must be converted to an RRIF.

For more information: TFSA or RRSP?

Tax-Free Savings Account (TFSA)

To Round out your Savings Portfolio

The Tax-Free Savings Account (TFSA) is a registered plan which allows you to save for any other project or your Retirement.

Advantages of Tax-Free Savings Account:

  • The return on investments in this savings plan is tax-free.

  • Withdrawals are non-taxable, irrespective of being before or after Retirement.

How the TFSA Works

  • Investments in this savings plan cannot be subtracted from your annual income tax return.

  • The maximum contribution that can be made to a TFSA is $6,000 per individual.

  • The unused contribution may be carried forward to the following years.

For further information The TFSA - the plan that looks after your savings portfolio

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TFSA or RRSP?

Locked-in RRSP

To Invest in Locked-in Amounts

Locked-in registered retirement savings plans are used for transferring amassed amounts out of a group pension plan. For example, you are offered a pension fund when you retire from your job.

Non-Registered Savings Plan (NRSP)

To set aside additional savings for your Retirement.

When you have reached the maximum contribution amount in your registered retirement savings plan, tax-free savings account, and individual pension plan, the non-registered savings plan (NRSP) allows you to invest in additional savings for your Retirement.

Individual Pension Plan (IPP)

To maximize the retirement capital of business owners.

Contributions for individual pension plans (IPP) are higher than business owners' traditional registered retirement savings plans.

Advantages of Individual Pension Plan

  • Contributions made by the company are deductible by tax

  • Returns are tax-free

  • The pension may be inflated at the time of Retirement

Formore details: Individual pension plan (IPP) - A simple and stress-free way to increase your retirement savings

Registered Retirement Income Fund (RRIF)

Maintain flexibility of your investment at Retirement. An RRIF is a quickest and most straightforward way to use the savings gathered in an RRSP to receive a retirement income.

Advantages of RRIF

  • You can invest the amounts in segregated funds or GIAs of your choosing so that they can generate returns.

  • The investment on returns in your RRIF is tax-free.

How the RRIF Works

  • To satisfy your income needs at the time of your Retirement, SSQ Insurance offers different withdrawal options such as minimum income, fixed income, and level income.

  • All withdrawals are taxed as income.

For more information: Registered retirement income fund (RRIF)

Locked-in Registered Retirement Income Fund

To earn an Income from locked-in amounts.A locked-in registered retirement income fund (RRIF) converts the savings gathered in your employer's pension plan or your locked-in RRSP to generate an income at the time of your Retirement.

Get in touch with your financial security advisor or call us for information regarding:

  • The satisfy your income needs at the time of your Retirement, SSQ Insurance offers different withdrawal options such as minimum income, maximum income, and fixed income.

  • Locked-in plans vary for each Canadian province.

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