We offer Registered Retirement Savings plans, which are investments that grow on a tax deferred basis. These accounts hold both savings and investment assets. They are sheltered from tax increases, which make contributing to these accounts easier over time. Contributions to your RRSP are deductible from your earnings up to your allowable limit. By contributing to an RRSP throughout your career, you’ll find it reduces the amount of income tax you owe every year. You can also use your RRSP to fund specific events in your life.
Our Saskatoon financial firm also offers RRIFs, or Registered Retirement Income Funds. This fund allows you to continue the investment of your RRSP on a tax-sheltered basis while paying you an income for as long as you choose or have money available in the fund. Money can be transferred to this account from several other accounts, including other RRIFs. You can invest in a series of funds, a daily interest account, or a guaranteed interest account. A choice of annual, semi-annual, quarterly, or monthly payments are available. You can pay the minimum amount allowed by Revenue Canada or choose to invest higher amounts.
GIC stands for Guaranteed Investment Certificate, a fixed rate investment that guarantees principle and interest. They are protected up to $60,000 by CDIC. Terms range from 1 to 5 years and can be redeemable or non-redeemable. You report interest income each year as it is received. These investments can be customized for saving for retirement, creating a source of secondary income, saving for your child’s college tuition, saving for purchasing a home, and more.
Our financial services firm also offers annuities, which provide a fixed annual allowance. Annuities can guarantee regular income for the rest of your life, or you can specify the number of years the payouts will cover. The amount of income provided through an annuity is generally determined at the time of purchase depending on the amount of money deposited, the current interest rate, your age, your sex, and the number of years for which the company promises to make payments.
A mutual fund offers a cost effective, liquid and convenient way to own diverse investments. Mutual funds are often professionally managed and invested in by shareholders who trade in multiple, varied holdings. They provide the option to invest in stocks, bonds, money market accounts, and more.
Short for segregated funds, seg funds are similar to mutual funds. These are sold by life insurance companies and the assets of these funds must be kept and managed separately from other assets you hold with the life insurance company. Seg funds offer flexibility—units can be purchased or redeemed at any time for their current value. Seg funds may be protected against seizure by creditors in the event of a lawsuit or bankruptcy.
Collins Financial Services Ltd. also offers estate planning services, which can be customized based on the age, income, financial goals, and assets of each client. Estate planning often includes drafting a living will. We will work with legal representatives as needed to take care of everything you need ensure your assets are distributed according to your wishes. The estate planning documents we create can be modified at any time—if your needs change or if you have any questions, just give us a call and we can work with you.
Insured Retirement Planning
Insurance based retirement plans are offered by employers to full time, long-term employees and combine life insurance protection with the opportunity to acquire supplemental income for retirement at the same time. You’ll have full control over this investment, allowing you to assess the cash value, name your beneficiary, and make investment choices freely. Our advisors can thoroughly explain this type of retirement investment and help you decide if it’s right for you.
We also offer investment funds, which belong to multiple investors. The contributions of each investor are used collectively to purchase securities. Individual investors retain ownership of the shares they choose to purchase.
Leverage accounts use borrowed money to acquire additional assets. This is a high risk investment that can be beneficial to large corporations and individuals who have a variety of financial resources at their disposal. These accounts increase production value, and in turn, boost sales and earnings. Our experienced financial advisors will analyze the ratio of total debt to total assets and work with you to uncover you financial goals, which will determine if a leverage account is a viable investment option for you.
Guaranteed & Income Funds
Our Saskatoon financial services company also offers guaranteed and income funds. Guaranteed Investment Funds allow you to invest in a bond while insuring a specified or guaranteed amount will be available at the fund’s maturity date. An income fund is used to hold pension funds and payout retirement income. Owners of income funds are required to use the money they receive in a way that will support them financially for the duration of their retirement. Collins Financial Services Ltd. can explain all the features, risks, and benefits of both of these investments to help you decide if they will work for you.