Investment options to help you save and grow your money….
When it comes to ensuring your present and future peace of mind, there are many investment vehicles available.
You can choose from a comprehensive array of options according to your personal goals, financial objectives and investment style:
- Education Savings – RESP
- Guaranteed Investment Certificates – GICs
- Mutual Funds
- Registered Retirement Income Fund – RRIF
- Retirement Savings – RRSP
- Segregated Funds
- Tax Free Savings – TFSA
Our financial planning specialists will help make sure your investment options meet your financial goals and that you are comfortable with the degree of risk. At the same time, we will work with you to ensure you have peace of mind knowing that your family is protected now and in the future by having the appropriate types and levels of life and health insurance coverage.
Our financial advisors at Insurance Protection Group are able to offer you an initial free consultation to assess your current investments and insurance policies.
Call us on 1-888-879-2692 for more details to make sure you and your family are financially protected.
If you’ve taken care of your health then you should be looking ahead to many active years when you reach retirement age. However, have you accounted for the ongoing cash flow you’ll need to fund those “golden years”?
Annuities are an investment vehicle to reduce long-term financial risks and ensure you have a stable income during your retirement years.
If you have savings or have received a substantial lump sum that you wish to turn into a steady cash flow when you retire, then annuities could be a good solution for you.
You can opt for features such as receiving annuity payments that are fixed for a specific duration or a guaranteed regular income that lasts for the rest of your lifetime.
Our financial advisors can help guide you through your options when it comes to structuring annuities that will serve your best financial interests.
Education Savings – RESP
If you’re looking to save for your child’s education after high school, a Registered Education Savings Plan (RESP) is a great way to put money aside for them.
An RESP is a special investment vehicle for parents like you who want to save for their child’s post-secondary education. In addition to providing a financial foundation for your child’s long-term education, there are a number of other benefits to setting up a Registered Education Savings Plan.
An RESP allows access to the Canada Education Savings Grant (CESG) administered by the Government. Furthermore, your RESP savings grow tax-free as you won’t pay tax while your investment earnings stay in the RESP making an RESP a useful source of tax-deferred income.
Other family members, such as grandparents, aunts and uncles, can open an RESP for a child. Also, a person who is not related to the child they wish to save for can set up an RESP. When such contributions are made by extended family members and friends, your child’s RESP will grow more quickly.
However, it is very important to choose exactly the right type of RESP. Our advisors at Insurance Protection Group can recommend the most suitable plan for your circumstances.
Contact us to find out more about how a Registered Education Savings Plan (RESP) can benefit you and your child.
Guaranteed Investment Certificates – GICs
Guaranteed Investment Certificates (GICs) are a secure way to save money as they provide you with a guaranteed rate of return over a set period of time. This means that your original investment amount is protected and subsequent interest payments are guaranteed.
Whether you wish to save towards buying a home, for your child’s education, or for your own retirement, a GIC could be a good investment vehicle for your money.
If you’re looking for your money to grow in a safe and secure manner, then GICs are a solid investment vehicle as your initial investment (principal) and the rate of the return is fixed. For this reason, many investors include at least one GIC as part of a well-balanced investment portfolio.
Speak with one of our financial advisors today by calling 1-888-879-2692 to see if Guaranteed Investment Certificates (GICs) are a good investment choice for you and your family.
The financial objective of many investors is long-term growth on their investments. Mutual funds may offer such potential rewards.
A mutual fund is a group of stocks, bonds and other investments that are owned by a large number of investors and managed by a professional investment company. The money you contribute to a mutual fund buys you shares, or units, of that fund.
There are primarily three different types of investments for mutual funds: cash (usually in the form of Treasury bills), bonds (usually very secure government or corporate bonds) and equities (shares in Canadian or international corporations). Your mutual fund will invest in one of these asset classes or a combination.
For more information about Mutual Funds go here or set up a meeting with one of our financial advisors at Insurance Protection Group.
Registered Retirement Income Fund – RRIF
Registered Retirement Income Fund (RRIFs) can be used to help you create the income stream you need in retirement and offer an alternative to taking out an annuity.
Government legislation requires that you convert your Registered Retirement Savings Plan (RRSP) into a retirement income option by December 31st of the year in which you turn 71. Your options include transferring your RRSP to a Registered Retirement Income Fund (RRIF).
With this approach, you will receive an income while benefiting from continuing tax deferral on the assets in your RRIF.
Our investment experts at Insurance Protection Group will help you consider how best to turn your registered retirement savings plans (RRSPs) into the amount of retirement income you would like to receive.
Registered Retirement Savings Plan – RRSP
A Registered Retirement Savings Plan (RRSP) is a personal savings plan registered with the Canadian federal government that helps you build a retirement nest egg.
Although an RRSP is primarily designed for meeting your future financial needs, there are also immediate tax benefits to having this investment. Your annual contributions to an RRSP are tax deductible so your taxable income will be lower meaning you get to keep more of your hard-earned income.
In addition, because of the compounded growth on your investments, your savings can build steadily each year until withdrawn. That means that the earlier you start an RRSP the higher your retirement savings are likely to be.
However, don’t worry that you’ll have to wait until retirement to get to your RRSP savings should you need some cash for one of life’s emergencies. You are able to access the funds in your RRSP to meet those unexpected costs. In such a situation you should get expert advise and our financial advisors are available to explain the tax implications of doing this.
Our locally-based financial planners at Insurance Protection Group can help you set your retirement savings goals.
Call 1-888-879-2692 today for a no-obligation consultation to see whether a Registered Retirement Savings Plan (RRSP) should be part of your overall investment strategy.
Are you looking for an investment that offers both financial growth and the security of a life insurance policy?
If so, then segregated funds could be your answer.
“Seg Funds” have been described as “mutual funds with an insurance policy wrapper” because they are a type of investment fund that combines the potential growth of a mutual fund together with insurance to protect your investment.
More specifically, as your investment grows inside the Seg Fund, 75% to 100% (depending on the specific contract) of your principal is also guaranteed when the contract matures as long as you hold your fund for a certain length of time, which is usually ten years.
Added to this benefit, you can arrange for your heirs to receive 75% to 100% of your capital if you die. This amount is tax free and if your beneficiaries are named in the contract, this guaranteed death benefit will not be subject to probate fees bringing you peace of mind that your loved ones will be taken care of financially should you die.
Like all investments there are pros and cons. With segregated funds your money can grow and is protected while doing so, but your money is locked in until maturity date. Cashing out before then could mean you have some penalties for early withdrawal and you might not get back all of your contributions.
The other thing to consider with Seg Funds is the management fees, which are higher than the costs associated with mutual funds. This is because of the insurance features that come with segregated funds.
You should seek the expertise of a professional financial advisor to weigh up whether segregated funds are a good fit for your wealth building aspirations. Call Insurance Protection Group today for more information.
Tax Free Savings Account – TFSA
Regardless of what you’re saving for – a new car, an emergency fund, or a new home – you can use a TFSA to grow your savings faster by sheltering your investment earnings and withdrawals from tax.
A Tax-Free Savings Account (TFSA) is a type of registered plan where you can save or invest up to $5,500 a year. It’s a great way to save for your short or long-term goals because it lets your savings grow. And best of all, you’re not taxed on the income you earn.
There are a number of benefits of TFSAs:
- You don’t pay taxes on the investment income or growth earned in your TFSA – helping you build your savings faster.
- You can contribute up to $5,500 annually to your TFSA and any unused contribution room is carried forward.
- You don’t pay taxes on withdrawals.
- You can put back any amounts you withdraw. Unlike a Retirement Savings Plan (RSP), a TFSA allows you to re-contribute amounts that you withdraw, in the year after you withdraw them.
Contact us and find out how a Tax-Free Savings Account (TFSA) could form part of your overall investment plan.
Why you need a structured approach to investing in your financial future
Investment planning is a key element of a solid financial management and wealth building strategy.
At Insurance Protection Group, our financial advisors can help you develop exactly the right investment plan for you and your family’s long-term needs and financial aspirations.
If you truly want to secure your financial future and ensure that your loved ones are fully protected, then a free financial planning consultation with one of our locally-based financial advisors is a great place to start.
Call today on 1-888-879-2692 to schedule a no-obligation meeting to discuss your investment options.