A life annuity is guaranteed lifetime income. You cannot outlive the payments. Nor can your partner if included.
A GIC is a safe investment.
You can choose List 1 for rates from all companies. Or List 2 for GIC's you can buy online. Do not invest more than $100,000 in any company in the same name.
For retirement the go-to choice is an RRSP. You have annual limits for investments in GIC’s, mutual funds, segfunds and ETF’s.
You can add funds to fill unused contribution room. And you can have RRSP investments with different companies.
RRIF’s hold GIC’s, mutual funds, segregated funds and ETF’s; also stocks, bonds and options. You can invest in any or all of these products. You must buy an annuity or RRIF by age 71. You can withdraw more than the minimum yearly amount.
You invest tax-paid money and any gain is tax free. Money can be withdrawn, added or reinvested anytime. There are yearly limits on contribution amounts. There are no older age limits. It can be used as a bank account. You can have multiple TFSA's.
Ivon and his team have always served me with professionalism and integrity.
Never too busy to take a call, or answer an email, I respect the way they run their business and serve their clients.
In all my dealings with Hughes Trustco, I have always felt well served and confident that the advice and products recommended were the absolute right choice for me.
My association with Ivon Hughes and Hughes Trustco goes back 25 years.
Widowed in 2009, I have been relying on them, not only as agents for my insurance annuity policies, but more importantly as my valued financial security advisors.
My heirs, though willing, are not financial experts and will be relieved to be able to turn to Ivon and Hughes Trustco. In arranging annuities has made it possible for me to enjoy lifelong monthly income to add to pensions - Allowing me security and peace of mind.
Without the thoughtful expertise of Hughes Trustco and Ivon, my old age would be far from ideal.
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