Investments

Term Deposits

Term Deposits are suitable for investors who have a fixed amount of money available to invest for a specific period of time. Interest rates on term deposits are generally higher than the rates available on various savings accounts and will reflect the length of the term. Terms are available from 30 days to 5 years and can be redeemable or non-redeemable.

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Tax Free Savings Account (TFSA)

A registered savings account that allows individuals to earn investment income tax-free. Available to all Canadian residents, age 18 and older who hold a Social Insurance Number (SIN).

• No maximum age limit.
• Annual contribution limit is currently $5000.
• Unused contribution room will accumulate each year (carried forward indefinitely).
• TFSA may be withdrawn from at any time (withdrawals may be restricted by investment terms) and there are no restrictions on how TFSA funds (contributions and earnings) may be used.
• Withdrawals are not reported as taxable income and are not subject to income tax.
• TFSA withdrawals will increase contribution room for future years.

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Registered Retirement Savings Plan (RRSP)

A financial product established to help you save for retirement, by tax-sheltering funds accumulated while you work. Contributions are deducted (within prescribed limits) from taxable income thereby reducing the amount of income tax payable for the year in which the contribution was deducted. It also allows you to defer or postpone paying income tax on any earnings generated by the investments in the plan until the funds are withdrawn.

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Registered Education Savings Plan (RESP)

An RESP is a government approved plan for the purpose of providing post-secondary education funding for a beneficiary. Income earned within an RESP is not taxed until it is withdrawn.  The Canada Education Savings Program allows eligible RESP beneficiaries to receive grant monies based on the annual contributions paid into the plan.

Please see our investment specialist for a variety of investment alternatives.

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Registered Retirement Income Fund (RRIF)

A financial product created with monies that were accumulated in non-locked in RRSP funds while you were working. These funds can then be switched to a RRIF, which is designed to provide regular income to you during your retirement. It may provide greater flexibility than other more restricted choices, such as pension plans.

The interest earned in a RRIF accumulates tax free until funds are paid out. The RRIF provides you with withdrawal flexibility, subject only to an annual prescribed minimum payout. The withdrawals may qualify for the pension income tax credit. In the event of death, the RRIF payments may be transferred to your spouse. A Registered Retirement Income Fund might be worth considering if you need to convert retirement savings to income, or if you wish to access your funds at any time.

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Locked-In Retirement Account (LIRA)

A Locked-In Retirement Account (LIRA), and the virtually identical Locked-In Retirement Savings Plan (LRSP), are investment accounts designed specifically to hold locked-in pension funds for former plan members, former spouses or common-law partners, or surviving spouses or partners. Funds held inside LIRAs/LRSPs will normally only become available (or "unlocked") to holders upon retirement.

The distinction between a LIRA/LRSP and an RRSP is that, where RRSPs can be cashed in at any time, a LIRA/LRSP cannot.  Instead, the investment held in the locked-in account is "locked-in" and cannot be removed until either retirement or a specified age outlined in the applicable pension legislation (though certain exceptions exist).  Another important distinction between regular RRSPs and LIRAs/LRSPs is that once funds have been transferred from a company pension plan to a LIRA/LRSP, further contributions cannot be made into said LIRA/LRSP.  Any monetary amounts earned in the LIRA/LRSP through investment are also considered to be locked-in.

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Life Income Fund (LIF)

A LIF is a non-cashable RRIF. It only holds funds transferred from RPPs, locked in RRSPs, LIRAs or LRIFs. There is no maximum payment amount per year

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Mutual Funds*

Through our partnership with Credential Asset Management Inc. we can offer a wide variety of account types, such as RRSP, RRIF, TFSA, etc.; and financial products including mutual funds, GIC's and term deposits.  An in-branch Credential Asset Management Mutual Funds Investment Specialist will assist you in meeting your diverse investment needs now and into the future.  Find out how we can help with your investing needs by contacting our branch today!

*Mutual funds are offered through Credential Asset Management Inc.   On-line brokerage is offered through Credential Direct®, a division of Credential Securities Inc., which operates as a separate business unit.  Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.  Please read the prospectus before investing.  Unless otherwise stated, mutual funds and other securities are not insured nor guaranteed, their values change frequently and past performance may not be repeated.  Credential Securities Inc. is a Member of the Canadian Investor Protection Fund. ®Credential and ®Credential Direct are registered marks owned by Credential Financial Inc. and are used under license.

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