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Savings and investments
Savings and investments
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 |
- 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.
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
Description | Details | Fees |
---|---|---|
Original documents Paper format sent by mail |
Savings statement
|
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. |
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 |
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)
|
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 |
$65/transfer |
RRSP or RRIF account closure |
$90 |
|
RRSP and RRIF transfer |
$50 |
There are no changes to the procedure for segregated funds.
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