Savings & Investments - Help Hub

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