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Types of Accounts

Investment Accounts (Canadian and US dollar)

Investment accounts (frequently referred to as “cash” accounts) allow you to trade stocks, bonds, mutual funds and other securities. Depending on your investment goals, your investment accounts can be denominated in either Canadian or US dollars and may include margin trading services.

Registered Retirement Savings Plans (RRSP)

Registered Retirement Savings Plans (RRSPs) are designed to help Canadians accumulate wealth for their retirement.

Benefits of an RRSP:

  • Within limits, contributions to the plan are tax-deductible.
  • Contributing monthly or yearly may reduce your income tax payable.
  • Your money grows tax-free until it’s withdrawn as cash or rolled into an annuity, Life Income Fund (LIF) or Registered Retirement Income Fund (RRIF).

Let time do the work (invest early, invest often) – The sooner you start investing in your RRSP, the more fruitful your retirement. Contributing early in the year or on a monthly basis means more savings and allows your investments to compound tax-free.

A self-directed RRSP is the most flexible and diversified retirement savings vehicle available. A Mindset Wealth self-directed RRSP provides the ability to diversify your portfolio by selecting from a variety of investment instruments including equities, bonds, mutual funds and GICs.

You have up to the first 60 days in the following year to make your annual RRSP contribution for the current tax year. Contact us today to learn more about RRSPs.

Registered Retirement Income Funds

Your RRSP matures on December 31 of the year you turn 71. At that point, no new contributions can be made and you must begin to withdraw money from the plan.

Deciding how you will turn your RRSP funds into income is one of the most important retirement decisions you will make. At Mindset Wealth, we offer several RRSP maturity options, including Registered Retirement Income Funds (RRIFs), Life Income Funds (LIFs), Locked-in Retirement Income Funds (LRIFs) and cash.

Registered Retirement Income Funds (RRIF)

The most flexible RRSP maturity option is to transfer your RRSP assets into a self-directed RRIF. Your RRIF can hold virtually all of the same investments as your RRSP, gives you the same control and offers the continued benefits of a tax shelter. The difference between the two is that your RRSP is used for wealth accumulation and your RRIF is used for annual withdrawals. Government regulations stipulate the minimum amount you must withdraw each year.

A self-directed RRIF allows you to periodically reassess your income needs. Within certain guidelines, it also allows you to control the amount you withdraw. For instance, you may withdraw a lump sum to buy a new car or to make a charitable donation. This flexibility enables you to safeguard against unforeseen circumstances and make the most of opportunities as they arise.

Contact us today to learn more about RRIFs.

Life Income Funds (LIF) or Locked-in Retirement Income Funds (LRIF)

Life Income Funds (LIFs) and Locked-in Retirement Income Funds (LRIFs) are tax-deferred investment vehicles available to investors who wish to convert their Locked-In RRSP accounts to income. Similar to RRIFs, LIFs and LRIFs can be held on a self-directed basis with the same type of investments.

The mechanics of your LIF or LRIF are very similar to those of your RRIF, with one notable exception. In addition to a minimum withdrawal requirement, there is a maximum withdrawal allowed each year. LIFs and LRIFs are governed by the underlying pension plan, which may have other restrictions such as a requirement to purchase a life annuity at a certain age.

Contact us to learn more about LIFs and LRIFs.

Tax Free Savings Account (TFSA)

A Tax-Free Savings Account (TFSA) allows you to accumulate savings faster than you would in an ordinary investment account since interest, dividends and capital gains are not taxed when earned or withdrawn. These accounts are suitable for long-term investment goals while also providing flexibility for unexpected short-term withdrawals without penalty.

A wide range of investments can be held in a TFSA, including cash, mutual funds, publicly traded securities, GICs and government and corporate bonds.

Contact us to learn more about TFSAs.

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