Creating a strong financial plan could be what allows you to retire when you want and have the money when you need it. MiLife advisors can help you with a wide range of investment vehicles that allow you to prepare for what the future has in store.
The purpose of this plan is to help employees under the age of 71 with their savings. This plan offers tax benefits and allows for a refund after deducting all the contributions from the payable income.
A TFSA is an account that does not apply a tax penalty and allows you to withdraw money from it whenever you want, tax-free. Anyone above the age of 18 can apply for this plan and it can be used for any purpose.
Unlike a pension, a LIRA is an investment account designed to hold locked-in pension funds under a person’s name so they can manage investments. With LIRA, you get more control over your investments and are able to transfer all funds in the same account instead of managing plans with different employers.
A non-registered saving plan is also known as a personal savings account. As the policyholder, you can expand your business and get more return than through other bank accounts. This plan is for people who would like to continue to save for a project or retirement and have reached their RRSP and TFSA contribution limits.