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          200-5000 Yonge Street
          Toronto, Ontario M2N 7E9
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          P.O. Box 4241, Station A
          Toronto, ON M5W 5R3
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  • About ivari
        • Contact
        • Main reception
          416-883-5000

          Corporate mailing address
          ivari
          200-5000 Yonge Street
          Toronto, Ontario M2N 7E9
        • Policy-related contact
        • Are you a policyholder with ivari?
          Please use this mailing address for all policy-related correspondence

          Policy-related mailing address
          ivari
          P.O. Box 4241, Station A
          Toronto, ON M5W 5R3
        • Customer service
        • Toll free: 1-800-846-5970

          For general inquiries:
          [email protected]

          Need to send us something?
          Send requests securely
        • About us
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Whether you need a tax-sheltered account, a non-registered plan or a combination of both, ivari can meet your needs. Segregated funds contracts from ivari are available for registration as various plan types.

Tax-Free Savings Account (TFSA)

The TFSA program was introduced in 2009 as an alternative tax-sheltered investment. Your maximum contribution to your TFSA is limited to the amount of room in your TFSA in any given year. The room available for contributions accumulates every year starting from 2009. How much room will be available in any given year will vary from person to person depending on how much you have contributed in the past.

TFSAs offer a great way to save, tax-sheltered, for any financial goal, whether it’s for a long-term goal like your retirement, or short-term goal like that dream vacation or a new family car.

Key features of a TFSA:

  • Tax-free growth
  • Flexibility to contribute and make withdrawals
  • Save for short- or long-term goals
  • No tax on withdrawals
  • Any amount withdrawn can be re-contributed in future years
  • Withdrawals are not considered income as they do not affect your eligibility for income-tested government benefits or tax credits
  • Can hold many of the same investments as RRSPs

For more details about TFSAs, visit the Canada Revenue Agency website or talk to your financial advisor.

Registered Retirement Savings Plan (RRSP)

An RRSP provides tax benefits that can help you to save for your retirement. Some key benefits of RRSPs:

  • Contributions to RRSPs, up to predetermined limits, may be deducted from your income before calculating income tax due.
  • Income earned within the RRSP (interest, corporate dividends, trust distributions, capital gains) is not taxed until money is withdrawn from the plan, allowing the plan to grow faster than the same investments would grow if they were held outside the plan and were thus subject to tax.
  • Money may be withdrawn from an RRSP during the years when you are in a lower income-tax bracket due to reduced income i.e. retirement. The money withdrawn will be taxed, but at your current tax rate, which could be lower than your tax rate when you earned the money.

By the end of the year that you turn 71, you are required to convert your RRSP to an eligible payout plan such as Registered Retirement Income Funds (RRIF).

Non-registered plans

In contrast to the first two options above, a non-registered plan has no contribution room limit. It allows you to invest as much money as you want and have less restriction in terms of what you can and cannot invest your money in. The downside of this freedom is that it does not provide any tax-deferral benefits.

Amounts invested in a non-registered plan are after tax dollars and any growth or fund movement in the year will be reported annually.

Registered Retirement Income Funds (RRIF)

The option exists to convert an RRSP into an RRIF anytime on or before the end of the year in which you turn 71. It is mandatory to either withdraw all funds from your RRSP plan or convert your RRSP to an RRIF or life annuity by the end of the year in which you turn 71.

Investments held inside an RRIF grow in a tax-deferred manner just as with an RRSP, but there are some differences. For example, with an RRIF, no further contributions may be made and minimum withdrawals are required. These minimums change annually, based on your age and total value of the RRIF at the beginning of the year. Your advisor can provide further information.

Life Income Fund (LIF)

A (LIF) is similar to a RRIF but for funds that have been contributed through a pension plan. Money held within a LIF is highly regulated and there is a set minimum and maximum amount you may withdraw during any calendar year.

Locked-in Retirement Account (LIRA)

When you transfer assets from a registered pension plan (RPP), a defined contribution pension plan, or the commuted value of a defined benefit pension plan sponsored by a former employer, the assets must go into a LIRA.1 These funds are sheltered much like an RRSP but are locked in and not accessible2 until the account is converted to a locked-in payout plan3 or an eligible life annuity. You may need to reach a certain age, based on the applicable pension legislation, before the assets can be converted to a locked-in payout plan3 or an eligible life annuity. By the end of the year that you turn 71, you are required to convert your locked-in accumulation plan to an eligible life annuity and/or locked-in payout plan.

Also note that once a plan is converted to a locked-in accumulation plan, you cannot make further contributions to it.

  1. Under the pension laws of certain provinces, a LIRA is sometimes referred to as a Locked-in RSP (LRSP) or a Restricted LRSP.
  2. You may be able to withdraw funds from a locked-in plan under special circumstances such as financial hardship, small account value and shortened life expectancy (based on pension legislation which varies by jurisdiction).
  3. A Life Income Fund or a Locked-in Retirement Income Fund (LRIF) or Restricted LIF or Prescribed RIF (PRIF) depending on the applicable pension legislation.

Disclaimer

This article is intended for general information purposes only and should not be considered specific or personal investment, insurance, estate planning, legal or tax advice or a solicitation to purchase insurance. Nor should any medical information provided in this article be considered medical or health advice and should not be considered a substitute for advice from a qualified medical professional. While reasonable efforts have been made to ensure that the contents of this article have been derived from sources believed to be reliable and accurate at the time of publication, ivari does not warrant the accuracy or completeness of the information contained herein.

For your convenience, this article may provide links to third-party sites, ivari makes no representations about these sites and access by you is at your own risk.

References to any products or services by trade name, trademark or otherwise, does not constitute or imply endorsement, recommendation or validation by ivari.

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P.O. Box 4241, Station A
Toronto, ON M5W 5R3

416-883-5000 . Telephone
1-800-846-5970 . Toll free
[email protected]

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ivari is a member of Assuris. Assuris is the not for profit organization that protects Canadian policyholders in the unlikely event that their life and health insurance company fails. Details about Assuris protection are available at www.assuris.ca.

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