||Permanent & term insurance products provide tax-free cash at the time of insured's death
||Provides tax-free cash following 30 day survival after diagnosis of a major critical illness. Specific definitions will apply
||Canada Pension Plan
||Provides pension (monthly income), disability insurance, & survivor benefits, child/orphan benefits, and death benefit (taxable)
||Provides income in the event of specified long-term disabilities. Funds are non-taxable
||Guaranteed Income Supplement
||Provides a monthly non-taxable benefit to Old Age Security pension recipients who have a low income and are living in Canada
||In Trust For Accounts
||Investments in which parents/guardians can invest money for minors.
||Locked-In Retirement Account / Locked-In Funds
||Pension funds which have been transferred to the client and cannot be accessed before the age of 55.
||Locked-In Retirement Income Fund
||Converts the LIRA to income (with restrictions of minimum and maximum). Cannot be cashed – must be used as a pension.
||Old Age Security
||Available to Canadian citizens age 65 or older, who have lived in Canada for at least 10 years after age 18. Potential “clawback” if income exceed $74,789 (2017)
||No tax sheltering on profits
||Registered Disability Savings Plan
||Tax-sheltered savings plan for only those persons with a “Disability Tax Credit.”
||Registered Education Savings Plan
||Tax-sheltered savings to be used toward children’s education (with a 20% grant from CRA – up to age 18). Beware! of fees, restrictions, different providers
||Registered Retirement Income Fund
||Converts RRSP to taxable income at retirement. Provides a “paycheck” after you retire
||Registered Retirement Savings Plan
||Reduce income taxes today allowing savings in a tax-sheltered vehicle for your retirement years.
||Life insurance Company investments, with a name beneficiary – proceeds will bypass will and probate fees. May also include maturity and death benefit guarantees.
||Tax Free Savings Account
||Tax free investments without ever having to pay tax. NOTE: Does not count as income for OAS income limits.