The Registered
Retirement Income Fund (RRIF) is the best retirement
income option for most Canadians since it can be
tailored to meet their needs. A RRIF is essentially a
mirror of an RRSP. It can hold the same types of
investments and provide the same tax-sheltered growth.
Similar to an RRSP, you control the investment
decisions. However, RRIF’s are designed to distribute assets in the
form of retirement income. Contributions to a RRIF are
not allowed.
Once you transfer your RRSP to a RRIF, you must withdraw
a minimum amount each year, specified by a formula based
on your age. Since there is no maximum withdrawal limit,
you are free to withdraw any amount you wish. However,
you include your RRIF payments as income for tax
purposes.
While there is no minimum age for starting a RRIF, you
can postpone establishing one until you are 71. In the
initial year of a RRIF, you are not required to withdraw
a payment. You may delay the withdrawal until the
following year.
Annuities
An
Annuity can provide Peace of Mind for you. An Annuity provides a
dependable, guaranteed source of income. You income can last for
life or a chosen period of time. Some features of the Annuity are:
Income Protection for your Spouse, Payment Guarantees, Tax
Advantages, Simplicity and Peach of Mind.
Segregated
Funds
Segregated Funds are
purchased under an insurance contract, and you therefore
enjoy advantages beyond those of a regular investment
plan. Consider the certainty that a Death Benefit
Guarantee and Maturity Guarantee could bring to your
financial plan. Think what Estate Planning and
potential Creditor Protection features could do for your
family and business.
Subject to
Mutual Funds
Segregated Funds
Probate Fees
Up to 1.4%
Nil
Legal Fees
2 - 4% avg
Nil
Accounting/Trustee
Fees
1-3% avg
Nil
Potential Estate
Costs
Up to 8.4%
Nil
Privacy
Public Record
Private
Creditor Protection
No
Yes
Death Benefit
Guarantees
No
Yes
Maturity Guarantee
No
Yes
Fund Distribution
?
Upon Proof of Death
Tax Deductible Leverage Loan
Leverage is simply borrowing money
to purchase investments, with the goal of achieving
greater wealth. <More Information>
(250) 390-1995 1-800-668-7558
Zulak Financial Group Ltd.
Part 2
(250) 390-1995 1-800-668-7558