Savings

Individual Bank Accounts

The Advantage Account is a high interest savings account that offers a high interest rate and gives you the features and flexibility of a chequing account - all in one account. With online and phone transfers, pre-authorized check and bill payments, debit card access, you can access your money when and where you need it.

Plus, the Advantage Account now offers unlimited free checks when your balance is $ 5,000 or more!

In addition to this, you need to know more about it.

TFSA Savings Accounts

Tax Free Savings Account
Considered the most important personal savings vehicle since the introduction of the Registered Retirement Savings Plan (RRSP), the Tax Free Savings Account (TFSA) allows you to earn investment income free of charge. tax from qualifying investment vehicles such as segregated fund policies.

In one look
The maximum annual contribution limit is determined by the Canada Revenue Agency each year. The annual contribution limit started at $ 5,000 in 2009 when the TFSA was first introduced. This amount is indexed to inflation and rounded to the nearest $ 500 on an annual basis. Visit the Canada Revenue Agency website for this year's annual contribution limit.

Any unused contribution room is carried over indefinitely

TFSA contributions are not tax deductible

TFSA income, losses and capital gains are not included in taxable income

Eligibility
Canadian residents aged 18 and over with a social insurance number

You can have more than one TFSA, but the maximum allowable contribution amount applies to the total of all TFSA policies held

Similar to other registered accounts, like RRSPs, but spousal TFSAs are not allowed

Withdrawals
Withdrawals increase contribution room the following year

Does not affect eligibility for federal income-tested benefits and credits such as the Canada Child Tax Benefit, Working Income Tax Benefit, Goods and Services Tax (GST) Credit, and Child Benefit old age security

Not included in taxable income

TFSA withdrawals are not taxable

Anytime and for any purpose

Our segregated fund policies offer options to help you achieve your savings goals.

RESP Savings

When figuring out how to save for your children's education, it's important to understand the true costs involved. Not only will tuition and books need to be factored in, but there will also be living and transportation costs if a child chooses to attend college or university in another city. It may be too early for you to know if you are going to incur all or some of these expenses - maybe your son or daughter is still years away from starting post-secondary education. But by starting to save now, you'll be better prepared when the time comes.

An easy way to start saving is to create a separate account for this purpose. You can start by contributing to an individual savings plan using one or more investments, such as mutual funds or guaranteed investment certificates (GICs). You can also invest in a Registered Education Savings Plan (RESP), a specific investment designed for education savings.

The sooner you start an RESP, the more it will have to grow tax-sheltered. RESPs are registered with the Canada Revenue Agency and therefore offer tax benefits that can help you save for your child's education. RESPs are offered by many financial institutions that manage contributions and subsequently make payments to the child named in the plan. An RESP allows contributions of up to $ 50,000 per beneficiary over the life of the plan, which can grow with a tax deferral until withdrawal.

Canada Education Savings Grant (CESG)

As an RESP account holder, you may also be eligible for the CESG, a grant from the federal government that increases your annual RESP contribution by 20% to a maximum of $ 500 per child per year until the end of your life. child is 17 years old up to a maximum of $ 7,200. An additional grant is available for low income families. The amount of money you can receive as additional grants depends on the net family income of the child's primary caregiver.

Canada Learning Bond (CLB)

The CLB is a maximum amount of $ 2,000 that the Government of Canada can contribute to an eligible RESP. It is available to children born after December 31, 2003 and to families of children who receive the National Child Benefit Supplement (NCB), also known as "family allowance" or "baby allowance". You don't necessarily need to put your own money into an RESP to qualify for the CLB.

RESPs are a great choice for saving for your child's education. After the age of 18, other options are available, including giving your child money so they can open a Tax Free Savings Account (TFSA) or contribute to one of your own. to save for your child's education.

 

To learn more about RESPs and grants discussed here, please visit the Government of Canada website at www.CanLearn.ca.

Guaranteed Investment Products

Guaranteed interest conditions
Our Guaranteed Interest Terms provide security comparable to a guaranteed interest certificate or term deposit, along with the benefits of estate planning and potential creditor protection.

Conditions of guaranteed interest for generations
The Canada Life Generations segregated fund policies offer investment options that include guaranteed interest conditions. These conditions provide security comparable to a Guaranteed Interest Certificate (GIC) or a term deposit while adding flexibility:

Competitive interest rates

Guaranteed periods of 1 to 10 years (in full years)

Early redemption option

A wide range of investment options

Registered or unregistered policies

Comprehensive annuity policy
A Comprehensive Annuity Policy (CAP) is available in registered or unregistered form. CAP offers security comparable to a Guaranteed Interest Certificate (GIC) or term deposit with the flexibility of:

Competitive interest rates

Guaranteed conditions

3 interest options: daily interest, guaranteed interest accumulation option or guaranteed interest income option

Maturity dates from 30 days to 10.5 years (longer periods available for your registered retirement income fund)

Early redemption option

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