Living your life to the fullest is important but planning for a financially secured future is equally important. Investment companies in Canada have team of expert investment advisors who can help you in making a strong investment strategy as per your needs and budget. MILIFE is one of the best in the sector and has a team of experienced investment advisors to give you the right advice. We enable you to plan your retirement and when you want to retire. There is various type of investment vehicle available in the Canadian market. Selecting the most appropriate vehicle is necessary.

What is an Investment?

For a better and financially secured future, it is important that you start planning and investing now. Investment is a type of asset that allows your money to grow with time. Before making the right investment it is important to have clarity about finances and what are the areas that can be worked upon to achieve your financial goals. Areas to consider:
  • Investment Planning
  • Managing Taxes
  • Managing Debts
  • Risk Assessment and Management
  • Property Management
  • Planning for Retirement

Types of Investment

1. Registered Retirement Savings Plan (RRSP):

It is a savings plan that helps you, your partner, or your common-law partner in saving for securing your future. The age limit is 71. The plan gives you tax benefits over the amount you contribute to RRSP. The RRSP contribution is tax-free till you withdraw it. You have to pay tax on the received amount.

2. Tax-Free Saving Account (TFSA)

If you are 18 or above and have Social Insurance Number (SIN) you can open a TFSA. The money your deposit or income you earned in TFSA will be tax-free for a lifetime. However, the tax deduction will not be applicable on administrative or TFS-related charges or interest paid on loans taken for TFSA contributions. Withdrawal is possible whenever you like.

3. Locked-In Retirement Account (LIRA)

In Canada, LIRA is used to get a pension after retirement. At your retirement age, you will receive a pension for a lifetime. You cannot withdraw the deposited amount in LIRA prior to your retirement apart from some exceptions. You can buy a life-annuity or transfer LIRA amount in a Life Income Fund (LIF) or Locked-in Retirement Income Fund (LRIF). In case of death before retirement amount will be given to the spouse or common-law partner.

4. Non-Registered Saving Plan

Commonly known as personal savings account opened in case you reached maximum contribution limits of RRSP and TFSA and still want to save more for your future. The rate of interest is higher as compared to your bank account. You can use the amount for investment funds.
MILIFE Insurance and Investment is one of the most trusted and experienced Investment companies in Canada. We are dedicated to the growth of our stakeholders and work with an aim of creating long-term wealth for them. We have a dedicated team of investment advisors, who can guide you in making a strong investment strategy depending upon your future financial goals.
Contact a MILIFE INSURANCE & INVESTMENT INC. broker to learn about non-Medical & simplified insurance options.

Let us help you plan your future...