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INVESTMENTS

STOCKS

A stock (also known as “shares” and “equity) is a type of security that signifies ownership in a corporation and represents a claim on part of the corporation’s assets and earnings.

BONDS

What they are: Debt securities where you lend money to an issuer (e.g., a corporation or government) in exchange for interest payments and the future repayment of the bond’s face value.

GIC's

A guaranteed investment (interest) certificate is a deposit investment security that Canadian banks and trust companies sell. Individuals and investors often purchase these for retirement plans because they provide a low-risk fixed rate of return. The principal is at risk only if the bank defaults.

MUTUAL FUNDS

A mutual fund is an investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets. Mutual funds are operated by money managers who invest the fund’s capital and attempt to produce capital gains and income for the fund’s investors.

CAPITAL CLASS TAX EFFICIENT INVESTING

FLOW THROUGH INVESTMENTS

Flow–through shares* (FTSs) Certain corporations in the mining, oil and gas, and renewable energy and energy conservation sectors may issue FTSs to help finance their exploration and project development activities. The FTSs must be newly issued shares that have the attributes generally attached to common shares.

Important information about flow-through limited partnerships in their relevant Prospectus/Offering Memorandum. Please obtain a copy and read it carefully including the associated risks and tax consequences before investing.

LIMITED PARTNERSHIPS

More commonly known as a direct participation program, this is a tax structure to hold certain types of investments, such as interests in oil and gas projects, land and real estate. The benefit to the investor is that s/he is able to participate directly in the economic (mis)fortunes of a business, receiving a share of the income, gains, losses, deductions and tax credits of the entity which is structured as a limited partnership or subchapter S corporation. Partnerships have a limited life and limited transferability of share interests. Questions for candidates would consider risk factors and tax benefits of the most common strategies involved.

SUMMIT INVESTMENT PROGRAM

VINTAGE

Vintage is a slang term used by mortgage-backed securities (MBS) traders and investors to refer to an MBS that is seasoned over some time period. An MBS typically has a maturity of around 30 years, and a particular issue’s “vintage” exposes the holder to less prepayment and default risk, although this decreased risk also limits price appreciation.

PLANS

RRSPs: REGISTERED RETIREMENT SAVINGS PLANS

ICanadian taxpayers each year can contribute up to 18% of the previous year’s earned income plus any unused contributions from previous years to a Registered Retirement Savings Plan – up to the yearly maximum contribution limit ($26,010 for 2017). Contributions are tax deductible, and earnings grow tax-free inside the plan; however, withdrawals are taxed. (The exceptions: withdrawals to buy a first home or to help pay for your or your spouse’s education are not taxed; in both cases, you pay the money back over time.) Since withdrawals are typically made during retirement and when participants are earning less money, it is likely that lower tax brackets will apply, resulting in less tax liability. Like TFSAs, RRSPs can hold a variety of assets, including cash, guaranteed investment certificates (GICs), mutual funds, stocks and foreign currency.

RESPs:REGISTERED EDUCATION SAVINGS PLAN

A Registered Education Savings Plan (RESP), sponsored by the Canadian government, encourages investing in a child’s future post-secondary education. Subscribers to an RESP make contributions that build up tax-free earnings. The government contributes a certain amount to these plans for children under age 18.

RRIFs: REGISTERED RETIREMENT INCOME FUND

RRIF is a retirement fund similar to an annuity contract that pays out income to a beneficiary or a number of beneficiaries. To fund their retirement, RRSP holders often roll over their RRSPs into an RRIF. RRIF payouts are considered a part of the beneficiary’s normal income and are taxed as such by the Canada Revenue Agency in the year that the beneficiary receives payouts. The organization or company that holds the RRIF is known as the carrier of the plan. Carriers can be insurance companies, banks or any kind of licensed financial intermediary. The Government of Canada is not the carrier for RRIFs; it merely registers them for tax purposes.

RDSPs: REGISTERED DISABILITY SAVING PLANS

The Registered Disability Savings Plan ( RDSP ) is a long-term savings plan to help Canadians with disabilities and their families save for the future. If you have an RDSP , you may also be eligible for grants and bonds to help with your long-term savings

TFSAs: TAX FREE SAVINGS ACCOUNTS

The Tax-Free Savings Account (TFSA) is an account that does not apply taxes on any contributions, interest earned, dividends, or capital gains, and can be withdrawn tax free. This savings account is available to individuals aged 18 and older in Canada and can be used for any purpose.

INSURANCE

LIFE INSURANCE

Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured. The insurance company promises a death benefit in consideration of the payment of premium by the insured.

CRITICAL ILLNESS INSURANCE

Catastrophic illness insurance is a type of coverage which protects the insured for a specific and severe health problem over the defined period. It differs from other forms of health insurance in that there is limited coverage to the specifically named risk. An individual can buy the coverage as a stand-alone policy or as a rider to life insurance. Toggle Content

DISABILTY INSURANCE

Disability insurance is a type of insurance tha twill provide income in the event a worker is unable to perform their work and earn money due to a disability. There are many types of organizations that provide different types of disability insurance. Each organization and disability insurance type have specific rules as to what constitutes a disability and how a person might qualify to receive the disability benefit. Short term disability insurance policies offer a worker a portion of their salary if they are unable to work for a short period- typically three to six months. Long term disability insurance offers a worker a portion of their salary if they are unable to work for a longer period- typically a period of over six months. Both short term and long term disability policies have a period that a person must be disabled for before that individual is able to start receiving disability benefits. That period of time is called an elimination period. If a person becomes disabled, they must wait until the elimination period is over before they start receiving benefits. If they are able to work before the elimination period is over, the person will not receive a benefit.

LONG TERM CARE

Long-term care (LTC) insurance is coverage that provides nursing-home care, home-health care, personal or adult day care for individuals above the age of 65 or with a chronic or disabling condition that needs constant supervision. LTC insurance offers more flexibility and options than many public assistance programs.

HEALTH AND DENTAL INSURANCE

Health and Dental Insurance designed to pay a portion of the costs associated with dental care.

TRAVEL INSURANCE

Travel insurance is a type of insurance that covers the costs and losses associated with traveling. It is a useful protection for those traveling domestically or abroad.

SEGREGATED FUNDS

A segregated fund is a type of investment fund used by Canadian insurance companies to manage individual, variable annuity insurance products. A segregated fund offers investment capital appreciation and life insurance benefits.

ANNUITIES

An annuity is a periodic or immediate payment to begin at a specific date for a fixed period or for the rest of the policyowner’s life. Simply put, an annuity is a vehicle for liquidating a sum of money. They can be a very useful tool in saving for retirement and accomplishing savings goals.

GROUP BENEFITS

GROUP PENSION

Group pensions are a type of defined contribution pension which some employers offer to their workers. As with other types of defined-contribution scheme, members in a GP build up a pension pot, which they then convert into an income at retirement.

GROUP RRSP

A group Registered Retirement Savings Plan (RRSP) is an employer-sponsored retirement savings plan, similar to an individual RRSP, but administered on a group basis by the employer. Contributions are made by pay-roll deduction , on a pre-tax basis, through a Group RRSP administrator.

DEFERRED PROFIT SHARING PLAN

A deferred profit sharing plan (DPSP) is an employer-sponsored Canadian profit sharing plan that is registered with the Canadian Revenue Agency. DPSPs are a type of pension. On a periodic basis, the employer shares the profits made from the business with all employees or a designated group of employees. Employees receiving a share of the profits paid out by the employer do not have to pay federal taxes on the money received from the DPSP until it is withdrawn.

LIFE INSURANCE

Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured. The insurance company promises a death benefit in consideration of the payment of premium by the insured.

DISABILTY INSURANCE

Disability insurance is a type of insurance tha twill provide income in the event a worker is unable to perform their work and earn money due to a disability. There are many types of organizations that provide different types of disability insurance. Each organization and disability insurance type have specific rules as to what constitutes a disability and how a person might qualify to receive the disability benefit. Short term disability insurance policies offer a worker a portion of their salary if they are unable to work for a short period- typically three to six months. Long term disability insurance offers a worker a portion of their salary if they are unable to work for a longer period- typically a period of over six months. Both short term and long term disability policies have a period that a person must be disabled for before that individual is able to start receiving disability benefits. That period of time is called an elimination period. If a person becomes disabled, they must wait until the elimination period is over before they start receiving benefits. If they are able to work before the elimination period is over, the person will not receive a benefit.

CRITICAL ILLNESS

Catastrophic illness insurance is a type of coverage which protects the insured for a specific and severe health problem over the defined period. It differs from other forms of health insurance in that there is limited coverage to the specifically named risk. An individual can buy the coverage as a stand-alone policy or as a rider to life insurance. Toggle Content

LONG TERM CARE

Long-term care (LTC) insurance is coverage that provides nursing-home care, home-health care, personal or adult day care for individuals above the age of 65 or with a chronic or disabling condition that needs constant supervision. LTC insurance offers more flexibility and options than many public assistance programs.

SEGREGATED FUNDS

A segregated fund is a type of investment fund used by Canadian insurance companies to manage individual, variable annuity insurance products. A segregated fund offers investment capital appreciation and life insurance benefits.