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Saving for Retirement
From customizing your Registered Retirement Savings Plan (RSP)—to
providing alternative solutions for unique circumstances—we can help
ensure that you're taking advantage of the most tax-effective ways to
build your nest egg.
To help you save for retirement, we offer:
Strategies for Maximizing Your Retirement
Savings
When you’re many years away from retirement, we can help you
maximize the growth of your retirement savings a number of ways. Some of
the key strategies your Investment Advisor might recommend include:
- Investing early to maximize the impact of tax-deferred
compounding over time
- Contributing to your RSP earlier in the year or on a monthly
basis to enhance growth potential
- Investing in growth-oriented investments while time is on
your side
Custom Registered Retirement Savings Plans
An RSP is one of the best ways you can save for retirement on a
tax-deferred basis. Based on your needs, your Investment Advisor can
custom-design either an individual or spousal RSP:
- Individual RSP - This type of RSP is registered in
your name only. The investments held in the plan and the tax benefits
derived from it are yours.
- Spousal RSP – This type of RSP enables you
to contribute to an RSP in your spouse’s name. The objective is to
even out your and your spouse’s income during retirement, so that
your combined tax rate is lower than it would be if one spouse earned all
the income.
In building your RSP, your Investment Advisor has access to a complete
universe of investment products, including:
Solutions for Saving Beyond Your RSP
In addition to (or in place of) your RSP, there are several other
ways we can help you save more for your retirement on a tax-effective
basis. This is especially important if you're a business owner or
professional with a high annual income. For example, we can assist you
with:
- Individual Pension Plans (IPPs)
An IPP is an
employer-sponsored registered pension plan that offers potentially
higher tax-deductible contributions for a corporation than an RSP. IPPs
are ideally suited for self-employed incorporated business owners or
professionals aged 40-71 who earn at least $100,000 annually.
- Insured Retirement Plans (IRPs)
An IRP can provide you with tax-free retirement income, plus a tax-free
death benefit for your estate. An IRP requires that you have sufficient
funds on hand to make annual deposits and pay the insurance cost. Plus,
to qualify for insurance coverage, you need to be in good health.
- Retirement Compensation Arrangements (RCAs)
Also known as “super-sized pension plans,” RCAs are intended
to provide supplemental pension benefits to business owners,
professionals and executives. There are no set limits on the amount
you can contribute into an RCA, provided the amount is “reasonable.
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- Personal Investment Accounts
A non-registered personal account that focuses on investments that
receive more favourable tax treatment can also help meet your
retirement goals.
Take the next step…talk to an advisor.
Our Investment Advisors are here to help recommend the solutions
that are best for you. To learn more, please
contact an advisor today. Or,
ask an advisor to contact you.
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