Savings and investments

Savings and investments

What's the difference between a TFSA and an RRSP?
 

TFSA

RRSP
Objective Savings for short- and medium-term projects Retirement savings
Contribution age limit None Age 71
Annual contribution limit $6,000 18% of earned income, up to $27,830, less the pension adjustment
Contributions are deductible on your income tax return No Yes
Withdrawals are taxable No Yes
What else does the TFSA bring to the table?
  • If you are receiving federal income-tested benefits, or if you are eligible to receive federal income-tested credits, your eligibility to receive these benefits or credits is not affected by TFSA income or withdrawals.
  • Upon death, the accumulated TFSA balance can usually be transferred tax-free. Plus, with Beneva, your capital is guaranteed!
  • It is not necessary to set up a TFSA or file a tax return to earn contribution room. Your contribution room starts and grows as soon as you turn 18 (and have a valid SIN), even if you don't use it.
  • When you contribute to your spouse's TFSA, even if he or she has no income, your contribution room is not affected.
Can I deposit a cheque by sending a photo of it?

For security reasons, you must send cheques by regular mail with the client’s name and date of birth or client number.
Bank deposits, however, are the recommended option as the safest and quickest way to go.

Mail the cheque to the following address:

Individual Insurance and Financial Services
625 rue Jacques-Parizeau
Québec QC G1R 2G5

Service fees
Description Details Fees
Original documents
Paper format sent by mail

Savings statement
This statement is a consolidated overview of the performance of all assets, both savings and investments.

 

 Free, or $10 if requested 30 days after the initial statement was sent.
  GIC 
The terms of your guaranteed investment certificate. Not available through the Client Centre. 		 Free 
  Insurance or investment contract  Free 
  Tax slips
Issued for RESP withdrawals. Not available through the Client Centre.		 Free 
  Tax receipts
Issued for RESP contributions. Not available through the Client Centre.		 Free

Copies

Copies of the above documents sent by mail. 

Quick reminder: you can access most of your documents through the Client Centre, free of charge.

Go to the Client Centre

 Free
Written confirmations  Quick microfiche search
Specific statements dated before 2010 		 $10 
  Detailed search of documents and archives 
Investment history, closed accounts, statements dated before 2010  

$25/Hour (minimum 1 hour)

If search fails, no charges apply
Miscellaneous  Copy of deposited cheque  $20 
Transaction fees

Good to know: a withdrawal strategy is just as important as an investment strategy! Make it a habit to talk to an advisor1 before you make a transaction.

Description Details Fees
Miscellaneous 

Non-sufficient funds (NSF)
However, your financial institution may charge you for NSF cheques. 

 

 Free
Cash withdrawals

A transactional account is opened for each plan (RRSP, TFSA) and annuity. This is a Daily Interest Account.

Some fees may apply for withdrawals, but not if you collapse an investment once it matures. Be sure, however, to deposit your funds in a chequing account you can withdraw from. 

 Daily Interest Account 

Free for the first withdrawal in a calendar year

$15 for subsequent withdrawals
  GIC  See your contract terms and conditions 
  Investment accounts  See your contract terms and conditions 

Transfers and account closures 

Partial transfer from an RRSP, RRIF or TFSA
to another financial institution 

 $65/transfer
 

RRSP or RRIF account closure
and full transfer to another financial institution 

$90
Namely, a $25 closing fee and $65 transfer fee
 

RRSP and RRIF transfer
to another financial institution 

 $50
Are there any changes to the sales procedure to amend segregated fund contracts for my clients?

There are no changes to the procedure for segregated funds.