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Wealth Management

Your needs

Manage your assets upon retirement

Manage your assets upon retirement. You are:

  • Review your retirement plan annually to reflect any life changes:
    • Personal factors
      • Different lifestyle from the one planned
      • Separation or divorce
      • Premature death of spouse
      • Critical illness
      • Loss of independence
      • Increased health and prescription drug costs
      • Assisted living or nursing home costs
    • Financial factors
      • Low rate of return of guaranteed investments, stocks and bonds
      • High market volatility
      • Erosion of purchasing power due to inflation
  • Adjust your retirement budget annually to reflect:
    • Variations in your sources of income
      • Former employer pension plans
      • Government pension plans
      • Personal assets (RRSPs, RRIFs, LIFs, TFSAs, non-registered investments)
      • Rental property income
      • Compensation (part-time work, consulting or other)
    • Unexpected expenses
      • Complementary health care (e.g., orthotics, therapy, etc.)
      • Specialized housing costs
      • Increased health care costs (e.g., medication)
    • If you have a spouse, make sure your budget takes this into account.
  • Consolidate your assets in a single financial institution to:
    • make it easier to manage and track your capital
    • benefit from reduced fees
  • Continue to make your investments grow to:
    • make your money last
    • preserve your capital
    • stay ahead of inflation
  • Diversify your portfolio by:
    • not investing only in term savings or GICs
    • getting the most out of bond and stock market returns
    • investing in tax-efficient investments that provide a smooth transaction into retirement: Chorus II Portfolios with income option
    • combining market-linked investments and risk control, with the Zenitude Guaranteed Portfolio
    • opting for a product that provides you with income, such as the Zenitude Guaranteed Portfolio with Income Option
    • maximizing your estate tax-free with universal life insurance (Vision Death Coverage with Savings1)
  • If your pension income is enough, convert your RRSPs into Registered Retirement Income Funds (RRIFs) or annuities no later than December 31 of the year you turn 71.
  • Lower your annual minimum withdrawal amount by basing it on the age of the younger spouse.
  • Draw from your non-registered accounts to let your registered savings continue to grow tax-free.
  • Minimize income taxes at retirement.
    • Convert a portion of your RRSPs into an RRIF to be able to claim the pension income tax credit ($2,000 at the federal level as of age 65).
    • Contribute the maximum to your TFSA.
    • Split your pension income with your spouse.
    • Take advantage of the refundable tax credit for medical expenses, disability tax credit and tax credit for caregivers.
  • Get the full benefits of government pension plans.
    • Quebec Pension Plan (QPP) or Canada Pension Plan (CPP)
      • Be aware that pension payments are reduced if you start receiving them before age 65.
      • Pension amounts increase if you apply between age 65 and 70.
      • You can elect to split your pension payment with your spouse.
    • Old Age Security Pension (OAS)
  • You may have to repay the pension if your income is too high.
  • To protect yourself against unforeseen health issues, consider your insurance options:
    • Long-term care insurance
      • A tax-free monthly benefit in the event of loss of independence
      • Total freedom in how you want to spend amounts received
    • Universal life insurance
      • Option of withdrawing savings tax-free in the event of disability, critical illness, major surgery or loss of independence
  • Stays of 6-months or less
    • You are subject to Canadian tax rules and maybe also to those of the country where you are going.
    • After 6 months abroad, you're no longer covered by your provincial health insurance plan.
  • Retiring permanently outside Canada
    • You must follow Canada Revenue Agency rules and those of your new country of residence.
    • Leaving the country does not automatically mean you no longer reside there.
    • If you receive Canadian income, taxes are deducted at source and in some situations you are required to file tax returns.
  • However long you reside abroad, take these extra steps:
    • Take out Travel Insurance (in the event of accident or health problem)
    • Also take out property and casualty insurance and liability insurance.
    • Keep an eye on fluctuating exchange rates to manage their impact on your retirement income.
  • Review your retirement plan annually to reflect any life changes:
    • Personal factors
      • Different lifestyle from the one planned
      • Cutting back on work instead of taking full retirement as planned
      • Separation or divorce
      • Premature death of spouse
      • Critical illness
      • Loss of independence
      • Increased health and prescription drug costs
      • Assisted living or nursing home costs
    • Financial factors
      • Low rate of return of guaranteed investments, stocks and bonds
      • High market volatility
      • Erosion of purchasing power due to inflation
  • Adjust your retirement budget annually to reflect:
    • Variations in your sources of income
      • Consulting fees
      • Former employer pension plans
      • Government pension plans
      • Personal assets (RRSPs, RRIFs, LIFs, TFSAs, non-registered investments)
      • Rental property income
      • Compensation (part-time work, consulting or other)
    • Unexpected expenses
      • Renewal of permits or professional organization dues
      • Complementary health care (e.g., orthotics, therapy, etc.)
      • Specialized housing costs
      • Increased health care costs (e.g., medication)
      • Income tax on RRIF and LIF distributions
    • If you have a spouse, make sure your budget takes this into account.
  • Consolidate your assets in a single financial institution to:
    • make it easier to manage and track your capital
    • benefit from reduced fees
  • Continue to make your investments grow to:
    • make your money last
    • preserve your capital
    • stay ahead of inflation
  • Diversify your portfolio by:
    • not investing only in term savings or GICs
    • getting the most out of bond and stock market returns
    • investing in tax-efficient investments that provide a smooth transaction into retirement: Chorus II Portfolios with income option
    • combining market-linked investments and risk control, with the Zenitude Guaranteed Portfolio
    • opting for a product that provides you with income, such as the Zenitude Guaranteed Portfolio with Income Option
    • maximizing your estate tax-free with universal life insurance (Vision Death Coverage with Savings1)
  • If you don't have an employee pension plan or an Individual Pension Plan (IPP), consider using a portion of your capital to purchase an annuity to get a minimum guaranteed income, separate from portfolio returns.
  • If your pension income is enough, convert your RRSPs into Registered Retirement Income Funds (RRIFs) or annuities no later than December 31 of the year you turn 71.
  • Lower your annual minimum withdrawal amount by basing it on the age of the younger spouse.
  • Draw from your non-registered accounts to let your registered savings continue to grow tax-free.
  • Minimize income taxes at retirement.
    • Convert a portion of your RRSPs into an RRIF to be able to claim the pension income tax credit ($2,000 at the federal level as of age 65).
    • Contribute the maximum to your TFSA.
    • Split your pension income with your spouse.
    • Take advantage of the refundable tax credit for medical expenses, disability tax credit and tax credit for caregivers.
  • Get the full benefits of government pension plans.
    • Quebec Pension Plan (QPP) or Canada Pension Plan (CPP)
      • Be aware that pension payments are reduced if you start receiving them before age 65.
      • Pension amounts increase if you apply between age 65 and 70.
      • You can elect to split your pension payment with your spouse.
    • Old Age Security Pension (OAS)
      • You may have to repay the pension if your income is too high.
    • Guaranteed Income Supplement (GIS)
      • Apply for it at the same time as the OAS.
      • Eligibility is based on family income.
  • To protect yourself against unforeseen health issues, consider your insurance options:
    • Long-term care insurance
      • A tax-free monthly benefit in the event of loss of independence
      • Total freedom in how you want to spend amounts received
    • Universal life insurance
      • Option of withdrawing savings tax-free in the event of disability, critical illness, major surgery or loss of independence
  • Stays of 6-months or less
    • You are subject to Canadian tax rules and maybe also to those of the country where you are going.
    • After 6 months abroad, you're no longer covered by your provincial health insurance plan.
  • Retiring permanently outside Canada
    • You must follow Canada Revenue Agency rules and those of your new country of residence.
    • Leaving the country does not automatically mean you no longer reside there.
    • If you receive Canadian income, taxes are deducted at source and in some situations you are required to file tax returns.
  • However long you reside abroad, take these extra steps:
    • Take out Travel Insurance (in the event of accident or health problem)
    • Also take out property and casualty insurance and liability insurance.
    • Keep an eye on fluctuating exchange rates to manage their impact on your retirement income.
  • Review your retirement plan annually to reflect any life changes:
    • Personal factors
      • Different lifestyle from the one planned
      • Separation or divorce
      • Premature death of spouse
      • Critical illness
      • Loss of independence
      • Increased health and prescription drug costs
      • Assisted living or nursing home costs
    • Financial factors
      • Low rate of return of guaranteed investments, stocks and bonds
      • High market volatility
      • Erosion of purchasing power due to inflation
  • Adjust your retirement budget annually to reflect:
    • Variations in your sources of income
      • Former employer pension plans
      • Government pension plans
      • Personal assets (RRSPs, RRIFs, LIFs, TFSAs, non-registered investments)
      • Rental property income
      • Compensation (part-time work, consulting or other)
    • Unexpected expenses
      • Privileges you had with your previous employer that you'd like to keep (luxury car, memberships, etc.)
      • Complementary health care (e.g., orthotics, therapy, etc.)
      • Specialized housing costs
      • Increased health care costs (e.g., medication)
      • Income tax on RRIF and LIF distributions
    • If you have a spouse, make sure your budget takes this into account.
  • Consolidate your assets in a single financial institution to:
    • make it easier to manage and track your capital
    • benefit from reduced fees
  • Continue to make your investments grow to:
    • make your money last
    • preserve your capital
    • stay ahead of inflation
  • Diversify your portfolio by:
    • not investing only in term savings or GICs
    • getting the most out of bond and stock market returns
    • investing in tax-efficient investments that provide a smooth transaction into retirement: Chorus II Portfolios with income option
    • combining market-linked investments and risk control, with the Zenitude Guaranteed Portfolio
    • opting for a product that provides you with income, such as the Zenitude Guaranteed Portfolio with Income Option
    • maximizing your estate tax-free with universal life insurance (Vision Death Coverage with Savings1)
  • Remember that any withdrawals from Deferred Profit-Sharing Plans (DPSPs) are added to your pension income and taxed the same way.
  • Provide for taxes on potential capital gains on the sale of stock aquired through stock options from your former employer (non-registered assets).
  • If your pension income is enough, convert your RRSPs into Registered Retirement Income Funds (RRIFs) or annuities no later than December 31 of the year you turn 71.
  • Lower your annual minimum withdrawal amount by basing it on the age of the younger spouse.
  • Draw from your non-registered accounts to let your registered savings continue to grow tax-free.
  • Minimize income taxes at retirement.
    • Convert a portion of your RRSPs into an RRIF to be able to claim the pension income tax credit ($2,000 at the federal level as of age 65).
    • Contribute the maximum to your TFSA.
    • Split your pension income with your spouse.
    • Take advantage of the refundable tax credit for medical expenses, disability tax credit and tax credit for caregivers.
  • Get the full benefits of government pension plans
    • Quebec Pension Plan (QPP) or Canada Pension Plan (CPP)
      • Be aware that pension payments are reduced if you start receiving them before age 65.
      • Pension amounts increase if you apply between age 65 and 70.
      • You can elect to split your pension payment with your spouse.
    • Old Age Security Pension (OAS)
      • You may have to repay the pension if your income is too high.
  • To protect yourself against unforeseen health issues, consider your insurance options:
    • Long-term care insurance
      • A tax-free monthly benefit in the event of loss of independence
      • Total freedom in how you want to spend amounts received
    • Universal life insurance
      • Option of withdrawing savings tax-free in the event of disability, critical illness, major surgery or loss of independence
  • Stays of 6-months or less
    • You are subject to Canadian tax rules and maybe also to those of the country where you are going.
    • After 6 months abroad, you're no longer covered by your provincial health insurance plan.
  • Retiring permanently outside Canada
    • You must follow Canada Revenue Agency rules and those of your new country of residence.
    • Leaving the country does not automatically mean you no longer reside there.
    • If you receive Canadian income, taxes are deducted at source and in some situations you are required to file tax returns.
  • However long you reside abroad, take these extra steps:
    • Take out Travel Insurance (in the event of accident or health problem)
    • Also take out property and casualty insurance and liability insurance.
    • Keep an eye on fluctuating exchange rates to manage their impact on your retirement income.
  • Review your retirement plan annually to reflect any life changes:
    • Personal factors
      • Different lifestyle from the one planned
      • Separation or divorce
      • Premature death of spouse
      • Critical illness
      • Loss of independence
      • Increased health and prescription drug costs
      • Assisted living or nursing home costs
    • Financial factors
      • Low rate of return of guaranteed investments, stocks and bonds
      • High market volatility
      • Erosion of purchasing power due to inflation
  • Adjust your retirement budget annually to reflect:
    • Variations in your sources of income
      • Income from the sale of your business
      • Possible non-payment by your buyer
      • Lower stock dividends than expected
      • Former employer pension plans
      • Government pension plans
      • Personal assets (RRSPs, RRIFs, LIFs, TFSAs, non-registered investments)
      • Rental property income
      • Compensation (part-time work, consulting or other)
    • Unexpected expenses
      • Complementary health care (e.g., orthotics, therapy, etc.)
      • Specialized housing costs
      • Increased health care costs (e.g., medication)
      • Income tax on RRIF and LIF distributions
    • If you have a spouse, make sure your budget takes this into account.
  • Consolidate your assets in a single financial institution to:
    • make it easier to manage and track your capital
    • benefit from reduced fees
  • Continue to make your investments grow to:
    • make your money last
    • preserve your capital
    • stay ahead of inflation
  • Diversify your portfolio by:
    • not investing only in term savings or GICs
    • getting the most out of bond and stock market returns
    • investing in tax-efficient investments that provide a smooth transaction into retirement: Chorus II Portfolios with income option
    • combining market-linked investments and risk control, with the Zenitude Guaranteed Portfolio
    • opting for a product that provides you with income, such as the Zenitude Guaranteed Portfolio with Income Option
    • maximizing your estate tax-free with universal life insurance (Vision Death Coverage with Savings1 )
  • If you don't have an employee pension plan or an Individual Pension Plan (IPP), consider using a portion of your capital to purchase an annuity to get a minimum guaranteed income, separate from portfolio returns.
  • Remember that any withdrawals from Deferred Profit-Sharing Plans (DPSPs) are added to your pension income and taxed the same way.
  • If your pension income is enough, convert your RRSPs into Registered Retirement Income Funds (RRIFs) or annuities no later than December 31 of the year you turn 71.
  • Lower your annual minimum withdrawal amount by basing it on the age of the younger spouse.
  • Draw from your non-registered accounts to let your registered savings continue to grow tax-free.
  • Minimize income taxes at retirement.
    • Convert a portion of your RRSPs into an RRIF to be able to claim the pension income tax credit ($2,000 at the federal level as of age 65).
    • Contribute the maximum to your TFSA.
    • Split your pension income with your spouse.
    • Take advantage of the refundable tax credit for medical expenses, disability tax credit and tax credit for caregivers.
  • Get the full benefits of government pension plans.
    • Quebec Pension Plan (QPP) or Canada Pension Plan (CPP)
      • Be aware that pension payments are reduced if you start receiving them before age 65.
      • Pension amounts increase if you apply between age 65 and 70.
      • You can elect to split your pension payment with your spouse.
    • Old Age Security Pension (OAS)
      • You may have to repay the pension if your income is too high.
  • To protect yourself against unforeseen health issues, consider your insurance options:
    • Long-term care insurance
      • A tax-free monthly benefit in the event of loss of independence
      • Total freedom in how you want to spend amounts received
    • Universal life insurance
      • Option of withdrawing savings tax-free in the event of disability, critical illness, major surgery or loss of independence
  • Stays of 6-months or less
    • You are subject to Canadian tax rules and maybe also to those of the country where you are going.
    • After 6 months abroad, you're no longer covered by your provincial health insurance plan.
  • Retiring permanently outside Canada
    • You must follow Canada Revenue Agency rules and those of your new country of residence.
    • Leaving the country does not automatically mean you no longer reside there.
    • If you receive Canadian income, taxes are deducted at source and in some situations you are required to file tax returns.
  • However long you reside abroad, take these extra steps:
    • Take out Travel Insurance (in the event of accident or health problem)
    • Also take out property and casualty insurance and liability insurance.
    • Keep an eye on fluctuating exchange rates to manage their impact on your retirement income.

1. Product of Desjardins Financial Security Life Assurance Company, a provider of life and health insurance and retirement savings products.

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