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Investments
01
Retirement Planning
Invest in a Better Life Starting Today
Retirement may not be as far as you think. For sure, you want to be prepared when the time comes and have enough income to get the lifestyle you’ve been dreaming off and deserve.
At Retirement Path Canada, we offer retirement planning services to secure your financial future. We specialize in guaranteed income for life through our different types of investment strategies.
We will help you achieve your retirement goals whatever they may be. Here are six tips that will help you get ready for retirement:
01.
Make a Financial Forecast
Review your pension plans and investment assets with one of our advisors to forecast how much income they’re likely to generate for you in retirement.
03.
Check That You’re on Target
Draft a budget of your estimated retirement expenses while keeping in mind that you should adjust for inflation. Compare this figure with your forecasted totals in case you need to adjust your desired lifestyle expectations.
05.
Mark Your 71st Birthday
Make sure you convert your registered retirement savings plans (RRSPs) to
registered retirement income fund (RRIFs) or annuities by the end of the year you turn 71. If not, you might face a tax bill that swallows almost half the value of your RRSPs.
02.
Look Into Additional Income Sources
Find out whether you fit the eligibility requirements for other sources of retirement income, such as the Canada/Quebec Pension Plan, Old Age Security, or the Guaranteed Income Supplement.
04.
Review Your Asset Allocation
Does the composition of your investment portfolio reflect your changing needs? Does it help you meet your retirement income goals? Check with one of our advisors to see if your portfolio is still designed to help you meet your retirement income goals.
06.
Ensure You Won’t Outlive Your Retirement Savings
Consider supplementing any government or employer pensions with investment solutions that can provide a guaranteed income stream for life.
02
RRSP
What is an RRSP?
It’s an investing and retirement savings account registered with the Canada Revenue Agency (CRA) that provides Canadians benefits to save for retirement. The money you put towards an RRSP isn’t taxed as a part of your income, so you pay less income tax.
It’s different from a typical savings account as it’s a place to put your investments where any growth isn’t taxed until you take your money out. Usually you’ll be retired by the time you withdraw your money, so you’ll generally pay less tax than in your higher earning years.
How does it work?
Talk to one of our advisors to open an RRSP with the right investments depending on your retirement goals and your risk tolerance.
Figure out the contributions that fit your situation, making sure you don’t go over your contribution room.
Your annual contributions can be deducted from your taxable income, thereby reducing your overall tax bill.
Any investment growth grows tax free.
You can access money when you need it, but withdrawals are taxable. Alternatively, you can withdraw tax-free to buy your first home or for you or your spouse’s education, if you qualify.
When you’re ready to retire or you turn 71, your RRSP converts to a RRIF where you must withdraw your minimum annual amount. Alternatively, you can purchase an income annuity.
03
Registered Education Savings Plans (RESPs)
What Is an RESP?
A registered education savings plan (RESP) is a plan that will help you save for your child's post-secondary education. Our plans at Retirement Path Canada combine the flexibility of a tax-deferred investment growth and government assistance. Here are some of the advantages of opening an RESP:
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The RESP will allow you to plan for your children’s education.
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You can benefit from a federal government grant equivalent to 20% of your annual contribution, which is up to $500 per year, deposited into your RESP.
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RESPs are flexible plans. In case your child decides not to pursue a higher education, you can always designate another child to take advantage of the plan or withdraw your original contributions tax-free.
When you open an RESP plan with us, you will also have the advantage to make an RESP loan. It will allow you to maximize your RESP contributions. One of the advantages of making an RESP loan is the possibility of increasing your contributions without having to modify your budget.
Another advantage of an RESP loan is the opportunity to maximize the Canada Savings Grant contribution, particularly if your child is 12 years of age or older and is about to start high school. Talk to one of our advisors today and get the best plan for your family!
04
Tax-Free Savings Accounts (TFSAs)
A Tax Free Savings Account (TFSA) allows you grow your savings and access your money tax-free.
How TFSAs work
If you are a Canadian resident, 18 or older and have a Social Insurance Number (SIN), you can open a TFSA.
You can save up to $5,500 a year, and any unused contribution room is carried over indefinitely. The amount you withdraw is added to your contribution room for the following year.
Eligible investments for TFSAs include cash, guaranteed deposits, segregated and mutual funds, stocks and bonds
Tax benefits of TFSA vs. RRSP
With a TFSA, your withdrawals are always tax-free, but you don't get a tax deduction when you contribute
With an RRSP, you get a tax deduction when you contribute, but you pay tax when you make withdrawals
Talk to one of our advisors today to get more information and find the best.
05
Segregated Funds
Segregated funds are only offered by insurance companies and they give access to the growth potential of the markets, and their guarantees may mitigate volatility.
How do segregated funds work?
A segregated fund is a pool of money spread across different investments. It’s managed by experts and helps you diversify your savings and protect them from dips in the market. Depending on how much you’re looking to invest, there are different choices with different fee designs.
Talk to one of our advisors today.
06
Annuities
Annuities can give you financial security and stability when you retire, offering guaranteed income for as long as you want.
With income annuities, you make a lump sum premium payment to an insurance company. In return, the company guarantees to pay you a certain amount for a given period of time, either for an specific number of years or for as long as you live.
There are many advantages of income annuities such as; guaranteed savings protection, diversified portfolios, potential creditor protection, increased security to loved ones due to the continuation of payments even after you die (if you choose to do so at the time of opening the annuitie) and much more.
Talk to our advisors and find the annuity that’s right for you.
Reach out to Retirement Path Canada to embark on your journey towards a secure and prosperous financial future.
4299 Village Centre Court, Suite 204,
Mississauga ON L4Z 1S2
647-567-2706
* Our insurance products are provided through IDC Worldsource Insurance Network
* Our Mortgage Products are provided by Guillermo (William) Batres Franco, Licence: M16000695 through The Mortgage Centre Canada.
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