RRSPs, and RRIFs

What is an RRSP?

“An RRSP is a registered account that allows you to make tax-deferred contributions towards your retirement savings plan. Subject to certain limits, each dollar you contribute to the plan lowers your taxable income by the amount you invest. Once you have made a contribution to an RRSP, your investments can grow tax-free until withdrawn.

The goal is to defer your tax payments on the money you contribute until you’ve retired, at which point you will most likely be in a lower tax bracket.”
- Manulife Financial

What is a RRIF?

“A RRIF is an investment plan, established in accordance with Government of Canada requirements, into which you can transfer registered funds (usually your RSP) without tax liability for the purpose of establishing an income stream for life.”
- RBC

Weblife Financial is a licensed Segregated Fund dealer. Seg Funds are a form of mutual funds offered by life insurance companies. They offer investors an opportunity to ‘grow’ their RRSPs and RRIFs and provide access to professional fund management. Segregated Fund contracts are insurance contracts known as individual variable annuities that offer death benefits and maturity guarantees. We are big on Seg funds because of:

  • their growth potential comparable to those available for mutual funds,
  • their written guarantees - valuable wealth proteion features only available through a life insurance company
  • the beneficiary designation  - an added feature that bypasses the need for probate and can protect your assets against creditors – only available through a life insurance company.

Find out how we can get you started or better manage your Segregated RRSP or RRIF. Supply your information when you contact us.

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