Registered Retirement Savings Plan (RRSP)
One highly effective tool for building up retirement assets in a tax-sheltered setting while also reducing your income tax for the current year is the registered retirement savings plan (RRSP). If you think you can’t invest in an RRSP, think again.
A TrustLife RRSP Loan allows you to start investing now or to top up your contributions on your existing RRSP. The earlier you invest, the closer you are to a bright and secure retirement. Get your RRSP working for you sooner with a TrustLife RRSP Loan
Principal Protected Investments
When it comes to investment products we have you covered. We carry a extensive selection of Principal Protected financial products to guarantee that we have the right diversification to suite your needs.
We can assist you with the following:
- Non-Registered Investments
- Investment and RRSP Loans
- Group RRSP’s
Guaranteed Interest Accounts
- Flexibility to decide how much you want to invest
- Interest based on the rate in effect
- Terms varying from one to five years
- Redeemable and non-redeemable registered deposits
- Redeemable and non-redeemable non-registered deposits
- You can receive monthly interest payments
Immediate Annuities (Competitive rates offered)
- Option of life or prescribed annuities;
- Possibility of receiving your annuities monthly, quarterly, semi-annually or annually;
- Guaranteed periods available on life annuities.
Home Buyer’s Plan (HBP)
The Home Buyers’ Plan: Fulfill your dream of becoming a homeowner
The Home Buyers’ Plan (HBP) is a winning formula that enables you to withdraw funds from your RRSP to help you purchase your first home.
How do I qualify?
You are eligible if neither you nor your spouse has owned a primary residence (your own home) within the past five years.
The HBP allows you to:
- Withdraw a maximum of $20,000 from your RRSP ($40,000 for couples) tax free.
- Use this amount as a down payment toward the purchase of your home.
- Refund your RRSP withdrawal over 15 years, interest free.
Not enough money in your RRSP?
Don’t let this prevent you from fulfilling your dream of owning your own home. There’s a solution: the HBP loan. To qualify, simply provide proof that your mortgage has been approved by a financial institution.
An HBP loan allows you to:
- Take out a loan up to your ceiling contribution amount (by claiming unused RRSP contributions from as far back as 1991).
- Deposit the funds in an RRSP for 90 days.
- Withdraw the funds from your RRSP after 90 days to repay the loan.
- Receive an income tax receipt and use your tax refund as a down payment on your first home.
- Take advantage of a two-year grace period after you obtain an HBP loan before starting to repay your RRSP over 15 years.
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