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Yes, we offer Travel, Disability and Critical Illness insurance as well as Life Insurance! We are based in Woodstock, Ontario, but can service clients all across Canada. Request your online quote today!
If you have mortgage insurance through your bank, or did not use an insurance broker, consider having a free re-quote. We may be able to offer you a better rate on life, disability or critical illness insurance.

Do you know the difference between:

1) A Tax-Free Savings Account (TFSA) and a traditional Bank’s Savings Account?

2) Pre-Underwritten and Post-Underwritten Life Insurance?

3) A defined contribution pension and a defined benefit pension?

4) Cash Value and Term Life Insurance?

5) A Mutual Fund and a Segregated Fund?

If you answered “no” to any of these questions, call us to ask today! Your financial future depends on it.
519-421-0240

Do you need travel insurance? If you leave your province you do. Let us help you with our simple online/over-the-phone application. It’s one less thing to think about while away!

A Registered Retirement Income Fund (RRIF) is a tax-deferred retirement plan under Canadian tax law. Individuals use an RRIF to generate income from the savings accumulated under their Registered Retirement Savings Plan. As with an RRSP, an RRIF account is registered with the Canada Revenue Agency.

Converting from RRSP

The option exists to convert a RRSP into an RRIF anytime on or before an individual reaches their 71st year. Before the end of the year in which an individual turns 71, it is mandatory to either withdraw all funds from a RRSP plan or convert the RRSP to a RRIF or life annuity. If funds are simply withdrawn from a RRSP, the entire amount is fully taxable as ordinary income; one defers this taxation by transferring investments in a RRSP into an RRIF.RRIFs-(Registered-Retirement-Income-Funds)

Functionality

Investments held inside a RRIF grow in a tax-deferred manner just as with a RRSP. There are two primary differences between a RRSP and a RRIF. The first is that no further contributions can be made once conversion to a RRIF has occurred. The other is a special functionality called a minimum RRIF withdrawal. A minimum RRIF withdrawal is an annual obligatory amount which is cashed out of a RRIF and sent to the account-holder without withholding tax. The withdrawal remains taxable Canadian income, but is eligible for a $2,000 tax credit.

The minimum RRIF withdrawal each year is determined by a percentage, depending on the holder’s age, of the total value of the plan on January 1 each year. The holder of a RRIF may elect to withdraw an amount greater than the minimum RRIF amount for that year, though withholding tax will apply to this supplementary amount.