In Russell
1087 Concession St.
P.O. Box 269
Russell ON  K4R 1E1
Tel: 613-445-8624
Fax: 613-445-8626
In Vankleek Hill
116 Main Street East
P.O. Box 459
Vankleek Hill ON  K0B 1R0
Tel: 613-678-3861
Fax: 613-678-3669
  Toll-Free: 1-800-250-5557
Frequently Asked Questions







How much do I need to retire?
It depends.  How much income do you want to have?  When do you want to retire?  Based on your family history, what is the most likely length of time you will need the money?  Are there any major purchases planned for retirement? i.e. cottage, RV etc.  Do you have any debt?   All of these questions and more need to be answered before we can help you to answer the first question.

Can I transfer my registered investments from another financial institution for placement through Investia Financial Services?
YES.  Your financial planner is here to assist and prepare all necessary paperwork and submit the transfer request on your behalf.  Done properly, this type of direct transfer will not incur any tax consequences under Revenue Canada Guidelines.  However, it is important to determine if the relinquishing institution will charge you redemption fees, if any.

What are the fees for your services?
Our financial planning services and advice come as no charge to our clients.  We are paid by the institutions who are recommended for your investments.  Since we are independent, we have available a vast array of mutual fund companies, insurance companies, along with banks and trust companies at our fingertips.  This way, we can offer our planning services and large product base at no cost to you.  We recommend only the most suitable products for your individual needs.

Are my investments safe?
Your funds are placed directly with the recommended institution through our office.  All GIC's are covered under CDIC insurance.  While no mutual fund offers a guarantee, we are pleased that we deal with the largest and most solvent fund companies when preparing a well balanced portfolio.   Security of investment is a personal attribute that means different things to different investors.  We endeavor to provide a plan that meets all your requirements, and that includes your risk comfort level.

How long can you contribute?
You can make contributions to an RRSP until the end of the year in which you become 71 years of age. You should verify your RRSP deduction limit to ensure you have room to make contributions.

Maximum contribution limits:  18% of previous year’s earned income to a maximum of

                        2010:  $22,000

                        2011:  $22,450

                        2012:  $22,970

                        2013:  $23,820

                        2014:  $24,270

What is the contribution deadline for the 2012 tax year?
March 1st, 2013



What is a spousal RRSP?
This is a deposit, which is made into your spouse’s name, but the income deduction is taken in your name. Later when the funds are withdrawn the income will be taxed to your spouse. Care must be taken as withdrawing the funds too early will cause attribution of the income back to the contributor.



Should I name a beneficiary for my RRSP?
A named beneficiary will allow proceeds of your RRSP to flow outside your estate in the event of your death. This will save you costs such as probate fees and executor fees.



I am saving for a home, should I put my RRSP purchase off?
The government has brought in the homebuyer’s RRSP plan. This enables first time home purchasers (and some others under special circumstances) to utilize up to $25,000 of their RRSP’s as a loan to themselves towards the down payment. This can be an expensive way to reach your down payment goals and this strategy should be discussed with your financial planner.



I think I will pay down my mortgage first, or would an RRSP be better?
The answer to this question varies from individual to individual. It depends on the expected rate of return of investments in your RRSP and the interest rate of your mortgage. It often works out to your advantage to do both – buy the RRSP and use the tax savings to pay down your mortgage.



RESP Facts




Tax-Free Savings Accounts (TFSA)
Updated January 2013

How the Tax-Free Savings Account Works

  • Canadian residents age 18 or older can contribute up to $5,500 annually to a TFSA (effective January 2013).

  • Investment income earned in a TFSA is tax-free.

  • Withdrawals from a TFSA are tax-free.

  • Unused TFSA contribution room is carried forward and accumulates in future years.

  • Full amount of withdrawals can be put back into the TFSA in future years. Re-contributing in the same year may result in an over-contribution amount which would be subject to a penalty tax.

  • Choose from a wide range of investment options such as mutual funds, Guaranteed Investment Certificates (GICs) and bonds.

  • Contributions are not tax-deductible.

  • Neither income earned within a TFSA nor withdrawals from it affect eligibility for federal income-tested benefits and credits, such as Old Age Security, the Guaranteed Income Supplement, and the Canada Child Tax Benefit.

  • Funds can be given to a spouse or common-law partner for them to invest in their TFSA.

  • TFSA assets can generally be transferred to a spouse or common-law partner upon death.



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