These are funds which combine various investment instruments and are backed by an insurance contract providing principal guarantees at a defined date of maturity (usually a minimum of 10 years to a maximum of age 71) or upon the death of the policyholder. These investment instruments may include GIC’s, Government Bonds, Corporate Bonds or Publicly Traded shares. Segregated Funds may also qualify for Creditor Proofing in most case and may be exempt from forfeiture in the event of bankruptcy, insolvency or personal liability.

This is a contract where a defined rate of return will be given for a fixed period of time. These contracts may be redeemable or non-redeemable depending on their set up. Redeemable contracts may be subject to a market value adjustment if funds are redeemed prior to the maturity date. Rates of return for these types of investments are highly competitive and are usually not available through traditional avenues such as Conventional Banks.

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Similar to Term Deposits but usually for shorter periods of time. It should be noted GIC’s and Term deposits through an Insurance Company qualify for income splitting whereas similar investments with Conventional Banks or Mutual Funds companies do not.

Can be described as an income contract made between a participant and an insurance company. For a set amount of premium paid by the participant, the insurance company agrees to pay an income for a predetermined period of time.

With this type of contract, the income payment period is for a fixed amount of time. An example of this would be a participant wanting payments for a 10 year period of time.

With this type of contract, the payment period is for the remainder of the participant’s life. This type of contract can also provide a guarantee period in the event of a premature death. The longer the guarantee period the lower the income payment that the Insurance Company will provide.

With this type of contract, the income is paid to more than one person. It is used to protect the income for a spouse and may provide the same income or a percentage based on the contract that is purchased.

LIRA or Locked-in Retirement Account is similar to an RRSP. This type of program is usually sponsored by a current employer and is designed to provide a defined amount of pension income which is regulated by the appropriate provincial authority.  The only two avenues for withdrawal are to convert to a LIF- Life Income Fund or Life Annuity.  Some provinces do allow a one-time unlocking of a certain portion subject to approval from the proper provincial authority.

This type of account was first introduced in 2008 and became available to Canadian citizens in 2009. It allows for tax-sheltered growth within a savings account and is not subject to any taxation upon withdrawal.  This account is subject to contribution limits determined by the Federal Government and the investment selections that are available will be determined by the participant and the account provider.

RESP’s are a saving vehicle designed to help provide funds for future educational pursuits for children under the age of 18. The Federal Government provides incentives to those who wish to contribute to these programs where the growth and accumulation are not subject to taxation until withdrawal at some point in the future.

This is a type of RESP program in which the subscriber may receive additional funding above and beyond the contributions, grants, and growth. The investment performance will determine the amount of additional benefit that may be available. All investment selections are made by the plan provider.

Each plan provider offers unique programs complete with various qualification criteria to receive these enhanced benefits. These types of plans are usually rigid in nature and are less flexible if changes are necessary due to items such as the inability to make premium payments for example.

This is a program designed to save for the future education of a child 18 years and younger. This program qualifies for grants from the Federal Government (CESG). The investment selections for this type of program are determined by the subscriber and all growth is tax sheltered until the point of withdrawal some point in the future.