You are on: Overview
The retirement planning strategies that make sense when you’re 45, don’t always make sense when you’re 55, 65 or older. That’s why our solutions and services are personalized to meet the needs of each stage of your life.
- You’re already well on the way to building your retirement savings and now you’re looking for greater choice, flexibility and tax-efficient strategies with the benefit of professional advice.
- You’re in your pre-retirement years and you’re looking to protect your retirement savings, and prepare for the next stage of your life.
- You’re already retired and looking for advice and solutions to help you maximize your retirement income, ensure your savings last, and provide a legacy to your family.
Our retirement planning solutions could be ideal if you:
- Need in-depth financial advice tailored to your retirement needs and objectives
- Want a self-directed retirement savings plan that gives you choice, flexibility and advice from a professional advisor
- Earn a high annual income and are looking for tax-efficient ways to save beyond a traditional RRSP/RRIF
- Can benefit from enhanced retirement plans, including special Individual Pension Plans (IPPs) for incorporated professionals and business owners
You are on: Building Your Retirement
Saving for Retirement
From customizing your Registered Retirement Savings Plan (RRSP)—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 RRSP earlier in the year or on a monthly
basis to enhance growth potential
- Investing in growth-oriented investments while time is on
Custom Registered Retirement Savings Plans
An RRSP 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 RRSP:
- Individual RRSP - This type of RRSP is registered in
your name only. The investments held in the plan and the tax benefits
derived from it are yours.
- Spousal RRSP – This type of RRSP enables you
to contribute to an RRSP 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
In building your RRSP, your Investment Advisor has access to a complete
universe of investment products, including:
Solutions for Saving Beyond Your RRSP
In addition to (or in place of) your RRSP, 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
- 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 RRSP. 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.
- Personal Investment Accounts
A non-registered personal account that focuses on investments that
receive more favourable tax treatment can also help meet your
You are on: Maximizing Retirement Income
Maximizing Retirement Income
As you're enjoying retirement, we can help you balance your need for safety and security with your desire for higher income.
To help you maximize your retirement income, we offer:
Strategies for Boosting Your Income Stream
When you're retired, we can help you maximize your retirement income
stream in a number of ways. Some of the key strategies your Investment
Advisor might recommend include:
- Delaying conversion of your Registered Retirement Savings Plan
(RRSP) until you are legally required
- Withdrawing the least amount possible from your Registered
Retirement Income Fund (RRIF) to maximize the tax-deferred growth it
- Enhancing the longevity of your savings with an element of
The RRSP Maturity Option that’s Right
Although you can convert all or part of your RRSP at any time, all your
RRSP assets must be converted by December 31 in the year you turn 71. You
have three main options for converting your RRSP:
- Registered Retirement Income Fund
Generally the most popular option, a RRIF is essentially an extension of
your RRSP. Your RRSP’s assets can be transferred to a RRIF on a
tax-deferred basis. Plus, you enjoy the same flexibility and control
over how your investments are managed as you do with your RRSP. The key
difference between an RRSP and RRIF is that you must withdraw a certain
amount of income every year from your RRIF.
You can receive a guaranteed stream of income for life, or for a fixed
term up to age 90, by converting all or part of your RRSP into an annuity.
An annuity offers stable income, but you lose flexibility by locking in
at a specific interest rate. There are several different types of
annuities that may be appropriate depending on your situation, including
insured annuities. You may even wish to convert a portion of your RRSP
into an annuity, while putting the rest into a RRIF.
Simply "cashing-in" or "deregistering" your RRSP is
the most costly maturity option. This is because the entire amount is
fully taxable at your marginal rate.
When it comes time to convert your RRSP, your Investment Advisor can
help you decide which option is right for you.
Investments with the Potential for Higher
There are several alternatives that can help you maximize your
retirement income. Some of the options your Investment Advisor might
- Corporate Bonds
Carefully selected high-quality corporate bonds can provide higher
interest payments compared to a government bond, without substantially
- Income Trusts
Income trusts are publicly traded equities that distribute most of the
cash earned from underlying assets directly to investors. Income trusts
can provide much higher income than bonds, but the distributions are not
guaranteed and can vary.
- Dividend-Paying Stocks
You can also boost your after-tax income with dividends from Canadian
corporations, which are effectively taxed lower than interest income due
to the dividend tax credit.
- Insured Annuities
Compared to a traditional Guaranteed Investment Certificate (GIC),
insured annuities typically offer higher after-tax income. An insured
annuity pays a steady, guaranteed income for life. The income is a
combination of return of capital and earned interest. Since the interest
portion is taxable, some of the payment is used to pay taxes. Another
portion funds an insurance policy, which provides a tax-free benefit to
your beneficiaries when your estate is settled. As with any annuity, an
insured annuity is irrevocable once purchased.
Locked-In RRSPs/LIRAs for Your Pension Payout
If you need to receive a lump sum payment from your company's Registered
Pension Plan (RPP), your Investment Advisor can help you determine whether
you can transfer the accumulated benefits to a Locked-In RRSP or Locked-In
Retirement Account (LIRA).
A Locked-In RRSP or LIRA is very similar to a regular RRSP except that
funds can only be withdrawn by converting to a:
- Life Annuity
Available in all provinces, a life annuity gives you a steady lifetime
income stream fixed at a certain rate.
- Life Income Fund (LIF)
Also available in all provinces, a LIF gives you control over how your
assets are invested. There are minimum and maximum amounts of income you
must receive from a LIF. In addition, except in Quebec, you must convert your LIF to a life annuity before you turn 81.
- Locked-In Retirement Income Fund (LRIF)
LRIFs are available in Newfoundland and Labrador. They are similar to LIFs, except there is no requirement
to convert remaining funds to a life annuity after you turn 80.
- Prescribed Retirement Income Fund (PRIF)
Locked-in accounts under Saskatchewan pension legislation have another
option called a PRIF. Only those annuitants who are at least age 55 (or
the early retirement age established by the plan where the money
originated) are eligible for the PRIF. The main advantage of the PRIF
compared to the LIF and LRIF is that the PRIF has no maximum withdrawal
limits. However, minimum withdrawals are still required.