Retiree

Life Income Fund

A Life Income Fund (LIF) is a type of registered retirement income fund that is used to hold pension funds, and eventually payout retirement income. The life income fund (LIF) cannot be withdrawn in a lump sum; rather, owners must use the fund in a manner that supports retirement income for their lifetime. Each year's Income Tax Act specifies the minimum and maximum withdrawal amounts for LIF owners, which takes into consideration the LIF fund balance and the owner's annuity factor.

For more information on Life Income Funds, please contact us.

Registered Retirement Income Funds (RRIFs)

A registered retirement income fund (RRIF) is an arrangement between you and a carrier (e.g., an investment dealer, an insurance company, a mutual fund company or a bank) that is registered with the Canada Revenue Agency. You transfer property to the carrier from an RRSP, a PRPP, an RPP, an SPP, or from another RRIF, and the carrier makes payments to you.

Earnings in a RRIF are tax-free and amounts paid out of a RRIF are taxable on receipt. There is a minimum amount you must withdraw from a RRIF each year, and this amount generally depends on your age at the time.

For more information, please contact us.

Estate Planning Resources

Will Planning Checklist

There are many decisions you will have to make when you draft a Will. If not thoroughly considered, some of these decisions can have unintended consequences.  Here is a checklist of some of the issues that should be discussed before you make your Will:

Personal Record Keeper

Take the time to document the important information in your life, such as your household accounts, savings and insurance plans, and who your professional advisors are. Not only is this a convenient way to keep a better handle on your personal and financial information, it also becomes an invaluable tool for your loved ones should anything happen to you.

Executor’s Handbook

When you become an Executor you are really becoming a legal Trustee with all the rights and responsibilities that come with that position. This handbook provides you with a solid overview of estate settlement and will hopefully provide you with some useful information and tools to expedite your responsibilities in a timely and competent fashion.

CPP Income Planning Guide

The Canada Pension Plan (CPP) is a mandatory contributory retirement plan that provides you with an inflation-indexed retirement pension, generally beginning at age 65. Read more.

Guide to passing on wealth

Planning for death is difficult, because it’s an emotional topic. However, to preserve wealth, it’s important to employ a checklist to enable a thorough discussion and encourage trigger questions. Read more.