Right Investment for Financial Growth
Living your life to the fullest is important but planning for a financially secured future is equally important. Investment companies in Canada have a 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 are various types of investment vehicles 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 Savings Plan:
There are savings accounts registered with the Canadian Government. These accounts offer some tax-benefits and also help you reach your financial goals in less time. Different registered accounts available are:
- Registered Retirement Savings Plan (RRSP): It is a savings plan that helps you, your partner, or your common-law partner in saving for retirement.Learn More
- Tax-Free Saving Account (TFSA): The money you deposit or income you earn through TFSA will be tax-free for a lifetime. Withdrawal is possible whenever you like.
- Registered Education Savings Plans (RESPs): RESP help you save specifically for your child’s education.
- Registered Disability Savings Plans (RDSPs): This type of savings account helps you save specifically for a person with disability.
2. 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 exceptional circumstances.
3. Non-Registered Saving Plan:
Commonly known as a 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.
4. Guaranteed Interest Products (GICs):
GICs are for those who do not want to risk their principal amount and are interested in earning guaranteed returns. There are varieties of GIC products available. You can choose depending upon your needs.
5. Life Annuities:
You will receive a guaranteed amount till you are alive. It can be purchased for an individual or a couple.
6. Segregated Funds:
Segregated funds are like Mutual Funds but are less risky and offer guaranteed returns.
7. Mutual Funds:
The money belonging to different individuals is invested in different securities or shares/stocks or bonds by an investment professional. The money is managed to increase the value of the fund. Income from mutual funds depends on market conditions.
8. Workplace Investments:
It is a type of group savings plan offered by your employer. It will help you save for personal life goals like buying a house or retirement.
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.