Business Insurance - Learn More Personal Insurance - Learn More Savings Strategies -  Learn More

A Registered Retirement Savings Plan (RRSP) is a retirement plan that is registered with the federal government and requires contributions by you and/or your spouse/common-law partner.  RRSP’s are frequently used as a means of reducing personal taxes, although taxes are due once your RRSP is cashed in.

There are several investment vehicles available for RRSPs, including: Stocks and Bonds; Mutual Funds; GICs and Term Deposits; Canada Savings Bonds; Mortgages; and Investment-grade gold and silver.  Another option is a Spousal RRSP, whereby you make contributions in your spouse’s name.  This allows for income-splitting during the retirement years with taxes on the Spousal RRSP paid at your partner’s lower income rate.

RRSPs have the ability to be withdrawn by you at any time, including as a Home Buyers Plan; Lifelong Learning Plan and Registered Retireme

nt Income Fund (RRIF).  So contact our office for professional information on available options and the related restrictions!


A Tax-Free Savings Account (TFSA) is a savings plan that was introduced by the federal government in 2009 to provide an alternative to RRSP’s (Registered Retirement Savings Plans). Contributions are not tax-deductible from the plan holder’s income like an RRSP. Any interest, dividends or capital gains earned, or funds withdrawn from the account are not taxable.

Investment vehicle range from Stocks and Bonds to GIC’s etc.

Unused contributions can be carried forwarded indefinitely, unlike an RRSP. The TFSA can be used to fund pre-retirement years or post-retirement years, and there are no limits on withdrawals or the use of the withdrawn funds.

Excess contributions (including withdrawals re-contributed to the plan in the same year) will result in penalty tax levied by the federal government.

Contact our office to receive professional advice to determine if a TFSA is right for you.

A Registered Retirement Income Fund (RRIF) is another type of retirement plan, similar in some

Ways to an RRSP but becomes effective beyond age 71.  You can transfer your RRSP or other registered funds into an RRIF without tax liability to establish a source of “retirement income”. 

RRIFs have no maximum payment level and many RRIFs will allow you to vary your annual payments above the minimum amount to meet your specific needs. With an RRIF, you even have an option to base your minimum payment on your (younger) spouse’s birth date, which would reduce your minimum payment until that spouse reaches age 71.

RRIFs also offer simplicity in estate planning, should you or your spouse (partner) die.  The surviving partner can continue to receive income from the RRIF or have tax-free transfer options available to them.  Since RRIFs can be customized to meet your retirement income needs, your first step should be to call our office for more detailed information!

A Registered Education Savings Plan can grow “tax-free” until the child is ready for university, college or a vocational institute.  The student usually pays little or no tax on those funds when they are withdrawn at the student’s lower income tax rate.

While there is no longer an annual RESP contribution limit, there is a lifetime contribution limit of $50,000 per child.  And dependent upon your family’s income, there is the Canada Education Savings Grant available for further contribution offerings to your RESP.

Why is investing in an RESP better than saving outside of an RESP?  Because saving inside an RESP, in conjunction with the Canada Education Savings Grant, can create an education fund worth 40% more than saving without one!  Call our office to see how we can help you!

Annuities are one of the simplest investment vehicles one could acquire.  When you establish an annuity, you are purchasing a lifetime income.  Examples of annuities are: Canadian Pension Plan, Old Age Security, or your retirement pension from your former place of employment.

Annuities can help greatly in reducing tax and increasing retirement income.  Essentially, an annuity is a mortgage in reverse.   You will transfer a specified amount of money to an insurance company and in exchange, they may pay you a specific amount of money (typically either monthly, quarterly, semi-annually or annually).  This payment will occur every year for the rest of your life depending upon the type and term purchased.

There are many advantages of Insured Annuities over Traditional Interest-Bearing Investments.  Please contact us today for a detailed explanation of how annuities can help you!

An Individual Pension Plan (IPP) is a defined benefit pension plan which sets up your monthly income at retirement.  Key candidates for an IPP are business owners, their families, key executives and professionals with professional corporations.  The only stipulation is that the sponsoring company must be incorporated.

Some important benefits of an IPP include larger tax deductions; associated costs to the plan are tax-deductible to the company; there are safer investment rules and limitations compared to an RRSP and pension plan surpluses belong to the member. 

Please contact our office to find out more about benefits and other key points about the IPP that you want to be aware of!


Quick Contact Form

If you need a quote please click here.

Enter Security Code:
security code
Mailing Address

Young Insurance Services Inc
#208, 2915 19th Street NE
Calgary, Alberta,
Canada T2E 7A2
Phone: (403) 280-1470
Fax: (403) 475-6765


Return to Homepage