Life insurance should be the cornerstone of any financial plan. This is especially true if you have dependents who rely upon you financially. The proceeds of a life insurance policy will provide you with income protection and ensure you r dependents will not be burdened with significant debt. Our financial experts at Money Concepts Ottawa Valley will give you the sound advice and help to provide the best solution for your life insurance plan.
While most people appreciate the need for life insurance, many underestimate the importance of disability coverage. If you are unable to work because of an accident or illness, disability insurance is designed to provide you with an income. If you become critically ill a lump sum of cash can help you get the services you need, whether it be for medical purposes or home renovations. One of our financial planners can help you decide the best disability and critical illness insurance options given your needs and family history.
Insurance products provided through multiple carriers.
Whether you are travelling alone or as a family, for business or for pleasure, staying for a weekend or for a full winter, we offer a wide range of travel insurance options to suit your needs at competitive rates.
We are pleased, together with Manulife Financial, to offer comprehensive travel and visitor insurance to our clients.
It's as Easy as 1, 2, 3, 4
- Visit the Manulife Financial site now
- Enter a few details about yourself and your trip to receive an instant quote
- If the coverage and cost meets your needs then proceed with the application. Pay for the policy using VISA, MasterCard, American Express or Diners Card to complete the process
- Start packing your bags!
Planning a trip?
Whether you are traveling alone or as a family, for business or pleasure, staying for a weekend or all winter long, we offer a wide range of travel insurance options to suit your needs at competitive rates.
For travel outside your home province or Canada choose:
- an Emergency Medical Plan that provides coverage for an unexpected medical emergency during your trip; or
- the Travel Canada Plan that provides emergency medical benefits at half the premium when all your travel is within Canada; or
- an All-Inclusive Plan if your plans include pre-paid travel arrangements. Includes Emergency Medical, Trip Cancellation and Interruption, Baggage Loss, Damage and Delay, and Flight and Travel Accident. Or you can purchase the Trip Cancellation/Interruption insurance separately.
Are you hosting Visitors to Canada?
We even offer insurance to protect visitors to Canada
For Visitors to Canada choose:
- the level of coverage that’s right for you
- optional Trip Interruption or Travel Accident
- Multi-Trip or Single-Trip plans
Visit the Manulife Financial site now to get a free online quote and complete your application in minutes.
It's so easy - Have a great trip!
All activities relating to life, travel and disability insurance products and services are the responsibility of the individual Sales Representative acting as an insurance agent through National Financial Insurance Agency. Money Concepts Canada and AEGON Dealer Services are responsible for the sale and services of Mutual Fund products only.
The tax-free savings account (TFSA) is a flexible investment savings vehicle that allows you to earn investment income (including capital gains) tax-free.
Eligibility
All Canadian residents aged 18 or older who file an income tax return are eligible to contribute to a TFSA. There is no maturity date on a TFSA like a registered retirement savings plan (RRSP), and it doesn’t need to be wound-up or converted to a different investment vehicle.
Contributions
Starting in 2009, the annual contribution limit is $5,000, regardless of how much income you earn. This amount will be indexed annually based on increases in the consumer price index in $500 increments. The Canada Revenue Agency (CRA) will notify you of your contribution room for each year. A one per cent per month penalty tax applies for over-contributions.
Unused contribution room can be carried forward, so if you can’t contribute the maximum amount in any given year you can wait and contribute larger sums in the future when you have more money available. When withdrawals are made, your contribution room is not lost and the amount of the withdrawal is added back to your contribution room in the following year.
Although contributions aren’t tax deductible, you don’t pay tax when you take the money out and you don’t pay tax on the investment income you earn while your money grows inside a TFSA.
Withdraw any time, for any purpose
The money you accumulate in a TFSA can be withdrawn at any time without tax consequences, and without affecting any federal income-tested benefits or tax credits you may be eligible for such as old age security, guaranteed income supplement, the age credit, the goods and services tax (GST) credit or the Canada child tax benefit. There are no time limits for withdrawing and no restrictions on how you spend your money. Withdrawals increase your contribution room in the year following the withdrawal, allowing you to save again for another purpose.
Investment options
The types of investments that can be held in a TFSA are generally the same as those permitted for an RRSP. These investments include:
- Mutual funds
- Segregated funds
- Guaranteed investment certificates
- Publicly traded shares
- Government and corporate bonds
You can transfer funds from an existing non-registered account to your TFSA, but be aware the redemption may trigger capital gains and tax. It is advisable to consult your advisor before transferring assets.
Upon death
To maintain the tax-free status of the TFSA on death, you can name your spouse or common-law partner as the successor account holder. On your death your spouse would become the holder of the ongoing TFSA. Alternatively, subject to meeting certain conditions, he or she could transfer your TFSA assets or value of your TFSA to his or her own TFSA without affection his or her contribution room.
If the plan cannot be continued as a TFSA with your spouse as account holder, or transferred to the TFSA of your spouse, the plan is taxed as a non-registered investment after your death.
Save, withdraw and
Contribute again
This example shows the flexibility of the
TFSA. You don’t lose contribution room if
You don’t use it because you can carry it
forward, and you can withdraw your savings
any time you need to. |
| Year 1 |
Annual contribution room
Contribution
Amount to carry forward |
$5,000
$2,000
$3,000 |
| Year 2 |
Annual contribution room
Carry forward from year 1
Amount to carry forward
Withdraws $1,000 later in the year |
$5,000
$3,000
$8,000 |
| Year 3 |
Annual contribution room
Carry forward from year 2
Withdrawal from year 2
Available contribution room |
$5,000
$8,000
$1,000
$14,000 |
Talk to one of our qualified advisors’ to determine if a TFSA is right for you. We can help build the TFSA into your overall financial plan so you can take advantage of the tax benefits.
Please contact one of our experienced financial planners at
Money Concepts Ottawa Valley for a FREE consultation
and we can help you achieve financial success!
Call us at 613-432-5617 or email info@moneyconceptsov.com |
