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Life Income Fund

A Life Income Fund (LIF) is a specialized retirement income vehicle designed to manage pension funds and provide a steady stream of retirement income. Unlike lump-sum withdrawals, LIFs are structured to ensure financial support throughout your retirement years.

Key Features:

  • Lifetime Income: LIFs are tailored to provide income for your lifetime.

  • Government Guidelines: Minimum and maximum withdrawal amounts are determined annually based on your LIF's balance and annuity factor, as specified in the Income Tax Act.

A RRIF, or Registered Retirement Income Fund, is a registered arrangement between you and a financial institution recognized by the Canada Revenue Agency. It allows you to transfer funds from various retirement savings plans, such as RRSPs, PRPPs, RPPs, SPPs, or another RRIF.

  1. Tax Benefits - Enjoy tax-free earnings within your RRIF while understanding that withdrawals are taxable upon receipt. The flexibility to transfer property from various retirement plans adds to its appeal.

  2. Tailored Payouts - With a minimum annual withdrawal requirement based on your age, RRIFs are designed to cater to your specific needs during retirement. For more details, reach out to us for personalized guidance.

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Registered Retirement Income
Funds (RRIFs)

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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.

CPP Income Planning Guide

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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.

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Ontario's probate process is governed by the Estate Administration Tax Act, 1998 ("EATA"). In 2011 Ontario enacted significant changes to the legislation. With these regulations in place, Ontario released its Estate Information Return, which executors will be required to file for estates for which an application of probate had not been submitted prior to January 1, 2015.

 

To learn more about how these regulations may affect you, please get in touch with us or click Contact us .

Tax Income Reports

Ontario's Estate Information Return

Your Will Planning Workbook

A great deal of thought and planning needs to go into preparing your Will. Not only should you consider what your estate is currently worth, you should also consider your future sources of wealth. 

Segregated fund contracts offer built‑in features designed to help clients achieve all of these goals to protect and build savings, and do so in ways that may not be possible with other investment vehicles. They appeal to conservative investors, particularly those who worry about market downturns and enable them to retire with confidence. They have elements that attract business owners and professionals, who may have concerns about creditor protection. They provide advantages to anyone looking for strategies to protect an estate for loved ones.

*Subject to any applicable death and maturity guarantee, any part of the premium or other amount that is allocated to a segregated fund is invested at the risk of the contract holder and may increase or decrease in value according to fluctuations in the market value of the assets in the segregated fund.

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Segregated Funds*

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Annuities

An annuity is an insurance contract where, in exchange for a single lump-sum deposit, an insurer makes guaranteed regular income payments back to the owner of the annuity. These payments contain both interest and a return of principal component. Annuity payments can continue for a chosen period of time or for the lifetime(s) of on or two people. 

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Sunil Heda, CPA (US), CIM®
Heda Investments​

Investment Advisor and Associate Portfolio Manager,

Manulife Wealth Inc

Life Insurance Advisor,

Manulife Wealth Insurance Services Inc.

Investment dealer dealing representatives (“Investment advisors”) registered with Manulife Wealth Inc. offer stocks, bonds, and mutual funds. Heda Investments is a trade name used for dealer business only. Insurance products and services are offered through Manulife Wealth Insurance Services Inc. Banking products and services are offered by referral arrangements through our related company Manulife Bank of Canada. Additional disclosure information will be provided upon referral. Please confirm with your advisor which company you are dealing with for each of your products and services. Manulife Wealth Inc. is a member of the Canadian Investment Regulatory Organization and the Canadian Investor Protection Fund. Manulife Wealth Insurance Services Inc. is a licensed life insurance agency authorized to do business across Canada. Manulife, Manulife & Stylized M Design, Stylized M Design and Manulife Wealth are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates, under license.. The Advisor and Manulife Wealth Inc. and/or Manulife Wealth Insurance Services Inc. ("Manulife Wealth") do not make any representation that the information in any external linked site, document or information is accurate and will not accept any responsibility or liability for any inaccuracies in the information not maintained by them, such as linked sites. Any opinion or advice expressed in a linked site should not be construed as the opinion or advice of the advisor or Manulife Wealth. The information in this communication is subject to change without notice. This is not an official publication of Manulife Wealth. This publication contains the opinions of the writer and may not reflect the opinions of the Advisor and Manulife Wealth Inc. and/or Manulife Wealth Insurance Services Inc. (collectively, "Manulife Wealth"). The information contained herein was obtained from sources believed to be reliable. No representation, or warranty, express or implied, is made by the writer, Manulife Wealth, or any other person as to its accuracy, completeness, or correctness. This publication is not an offer to sell or a solicitation of an offer to buy any of the securities. The securities discussed in this publication may not be eligible for sale in some jurisdictions. If you are not a Canadian resident, this report should not have been delivered to you. This publication is not meant to provide legal, financial, tax or investment advice. As each situation is different, you should consult your own professional advisors for advice based on your specific circumstances.By submitting your contact details, you are providing us with your express consent to contact you or send you commercial electronic communication related to investments and/or insurance services that may be of interest to you. Should you wish to discontinue receiving communication or be contacted from our office, you may contact us to withdraw your consent at any time. Your personal information will not be distributed, sold, or traded; it will remain strictly confidential and will only be used for the purpose for which it was provided. For more information on our commitment to privacy and responsible use of information, please see  our Privacy Policy page.

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