Registered Plans

RRSP’s | RRIF’s | TFSA’s

Why choose Integris Financial Planning for TFSA’s, RRSP’s, and RRIF’s?

Whatever you are looking for, whether it is advice, information or assistance our Financial Planning Division can help you with your retirement planning. Our professionals are knowledgeable, trustworthy, and efficient – and they work for you, with your needs at the forefront.

So whether you want to invest in mutual funds, stocks or bonds come and see an Integris Financial Planning Representative or book an appointment so that you can experience the Integris advantage.

RRSP’s

What is an RRSP?

A retirement savings plan is just that – a savings plan for retirement. It is a registered product with the Government of Canada and has a tax-sheltered benefit. The best part – the contributions are tax-deductible.

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For more information about RRSP’s speak with an Integris Professional, or book an appointment with a Financial Planning Representative.

What is the difference between an RRSP with Financial Planning Services and an RRSP with Banking Services?

While Banking Services can offer good rates on term deposits/GIC’s and high interest savings accounts, our Financial Planning Division have access to an abundant variety of investment products to help with all of your RRSP needs. From mutual funds, to stocks and bonds, their competitive rates may prove better than a regular term deposit. For more information on how RRSP’s from a Financial Planning Representative can benefit you book an appointment or speak with one today.

Where can I find more information about the Home Buyers’ Plan (HBP) and the Lifelong Learning Plan (LLP)?

The Home Buyers Plan and the Lifelong Learning Plan are both great features of the RRSP that any of our Banking Professional can help you with. 

RRIF’s

What is a RRIF?

retirement-pensions

While saving for retirement you will most likely have an RRSP. When you retire (whether it’s at age 50 or age 70) you can convert your RRSP into a RRIF. A registered retirement income fund (RRIF) is an excellent option for receiving retirement income.  Your RRIF will continue to pay you income until there are no more funds in the plan, or until the plan holder dies – at which point it could pass to a beneficiary.

Please note that while a RRIF can be converted at any age, it must be converted by December 31st in the year that you turn 71.

Where can I get more information on RRIF’s?

For more information about RRIF’s please speak with an Integris Professional, or book an appointment with a Financial Planning Representative today.

Why should I see a Financial Planning Representative about my RRIF?

Investing isn’t easy – with the many different investment options nowadays, knowing what each one does and how it can benefit you might be a little challenging. A Financial Planning Representative can help un-complicate your retirement planning with their expertise, experience and their professional awareness of products in the market.

It is the job of our Financial Planning Representatives to know the ins and outs of all the different types of products as well as all the tax implications attached to those products. Speak with a Financial Planning Representative today or book an appointment for advice, information or assistance with your RRIF plan.

TFSA’s

What is a Tax-Free Savings Account?

A tax-free savings account (TFSA) is an account where any gains earned in the TFSA is tax-free; withdrawals from the TFSA are also tax-free.

Think of the TFSA as a vehicle for the variety of investments you can purchase, these investments can include mutual funds, stocks, bonds, and more.

Where can I get more information about TFSA’s?

There are many different ways to find out more information about your TFSA besides consulting an Integris Banking Professional, such as:

A Benefit Guide to TFSA’s, RRSP’s and RRIF’s

What is it for?
TFSAGoing on vacation, buying or renovating a home, saving for education, retirement, or something special.
RRSPSaving for the future – for retirement, education (LLP), or home buying (HBP).
RRIFIncome for retirement.
What is my annual contribution limit?
TFSA$5000 for years 2009-2012 and $5500 from 2013 moving forward. Plus withdrawn amounts from the previous year become available for new contributions
RRSP18% of the previous years earned income, less any employer pension contributions. Maximum contribution limits are in effect. Please visit Gov’t. Canada for more details.
RRIFNo contributions are allowed to a RRIF.
Is there an age requirement?
TFSAYou must be 18 years of age in order to register a TFSA.
RRSPThere is no minimum age requirement – as long as the plan holder has generated income and filed a tax return in the previous year they can open a RRSP. Speak with a Financial Planning Representative about your child’s RRSP.
RRIFYou may convert your RRSP into a RRIF at any time, however, it must be done by end of December in the year you turn 71.
Is it tax deductible?
TFSANo.
RRSPYes.
RRIFNot Applicable as there are no contributions allowed to a RRIF.
What happens with my unused contribution eligibility?
TFSAUnused contributions and any withdrawals from the previous year are carried forward.
RRSPUnused contribution room is carried forward.
RRIFThere is no contribution limit because there are no contributions allowed to a RRIF.
Tax deferred vs. Tax free when withdrawing. What’s the difference?
TFSATax-free – you pay no tax at any time for any gains earned while under the tax-sheltered umbrella.
RRSPTax-deferred – You pay no tax until the money is withdrawn.
RRIFTax-deferred – You pay no tax until the money is withdrawn.
What happens with the withdrawn contribution room?
TFSAWithdrawn amounts are added to future years contributions.
RRSPWithdrawn contribution room is lost.
RRIFThere is no contribution room.
How long does the plan last?
TFSAThe TFSA plan does not end, as there is no age restriction.
RRSPThis plan ends on December 31st of the year you turn 71.
RRIFThe latest this plan may be converted into a RRIF is December 31st of the year you turn 71. It will continue to pay until it runs out of money, or until the holder passes away.
Is there a spousal plan?
TFSANo. A TFSA is available for each Canadian individual, at least 18 years of age, with a valid SIN.
RRSPYes. You may contribute to a spousal RRSP. Speak with a Financial Planning Representative for more details.
RRIFWhen a spousal RRSP is converted, it becomes a spousal RRIF. For more details about Spousal RRIF’s speak with a Financial Planning Representative.
What type of investments can I get?
TFSAThere are many investment options including: mutual funds, stocks, bonds, term deposits/GIC’s, as well as high interest savings accounts.
RRSPThere are many investment options including: mutual funds, stocks, bonds, term deposits/GIC’s, as well as high interest savings accounts.
RRIFThere are many investment options including: mutual funds, stocks, bonds, term deposits/GIC’s, as well as high interest savings accounts.

For more information on RRSP’s, RRIF’s and TFSA’s please speak with a Financial Planning Representative, book an appointment or visit the Government of Canada RRSP guide.