Retirement Savings Account

It’s important to know that when you retire, you can count on your savings to enjoy a comfortable and flexible lifestyle.

No matter what your retirement objectives are, we can help you achieve them with sound advice, planning, and products.

Registered Retirement Savings Plans (RRSPs)

An RRSP is an individual savings plan that allows you to contribute your earnings toward your retirement. It also allows you to reduce your income taxes by deducting your contributions from your before-tax income. The money in your plan can be invested in a variety of ways and grows tax-free. You pay tax only when you withdraw the money.

Locked-In Retirement Accounts (LIRAs)

If you leave your job, a LIRA will hold the locked-in pension funds from your former employer. Unlike RRSPs which can be cashed in at any time, funds in a LIRA only become available upon retirement, typically at 55 or above.

Registered Retirement Income Funds (RRIFs)

When you turn 71, you’re required by the government to transfer money out of your RRSP. If you cash out, you’ll have to pay applicable taxes.  One alternative is to transfer the funds to a RRIF, which provides you with regular income in retirement. You decide how often you would like to receive your payments. And your investments will keep growing in a tax–sheltered environment.

Life Income Funds (LIFs)

Allow for regular withdrawals from locked-in retirement funds. They’re similar to a RRIF, except they’re for funds that were originally held in a locked-in RRSP (LIRA), or registered pension plan. Like RRSPs and RRIFs, funds in a LIF are tax-sheltered until you withdraw them.