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Managing Stress using Cultural Knowledge

by | May 21, 2024 | Benefits, First Nations, Health & Wellness | 0 comments

Managing Stress with Cultural Knowledge

Sometimes, the amount of stress in our everyday lives can build up and seem overwhelming and unmanageable. From work to family obligations, to paying the bills, the number of things we need to do in a day can add up and put a lot of pressure on your physical and mental health. This stress can inhibit your emotions, your joy and even your ability to think clearly, throwing you out of balance.

But with the right tools the stresses of everyday life can be managed until those stresses are eased.  Here are some tools you can use to self regulate  and bring yourself back into balance:

Get out and ground yourself in nature

Spend time outside on the land wherever you are, whether that is your yard, a garden, your communities’ land, a park or a nearby hiking trail. Being outside and communing with the land and mother nature can act as refuge from everyday stresses and help you disconnect from the causes of your anxiety.

Release your emotions

Sometimes when we are overwhelmed, we hold everything inside and forget to release what we are feeling. It’s okay to cry, to vocalize the stress and pain, to talk about what you are feeling and release that energy. If needed, find a trusted friend, or loved one, or maybe a counsellor with whom you feel safe with and let those emotions flow.

Reach out to your community

If you are feeling stressed and overwhelmed, you don’t have to go it alone. Speak to your family, to your friends and elders and let them know what is happening for you. Let them help you with their wisdom, their laughter and their love. Strengthening your connection to your community and your loved ones in difficult times can help ease the burden that stress is causing you.

Lean into your cultural and spiritual teachings

If you have a favorite cultural or spiritual practice that you enjoy, like smudging in the mornings, jingle dress dancing, drumming, creating art, or singing, embrace them. Lean into those things that bring you joy and connection in your traditions and spirituality.

Eating a balanced diet

Getting proper nutrition when you are feeling overwhelmed is an important part of managing stress. It will help make your body feel whole and strong and keep your emotions and mental health balanced. Make sure to eat a nutritious and balanced diet of proteins, carbohydrates and fruits and vegetables. Whenever you can, incorporate your traditional foods into your meals and fun foods as well! The joy in eating what is familiar, comforting or fun can help boost your mood and nourish the spirit.

Take regular exercise

Move your body in ways that make you feel good. Whether that’s playing your favorite sport, swimming, going for a walk outside or dancing. The important thing is to move your body and move your body regularly. The more joy you can have in your movement the better it will make you feel.

Get enough Sleep

An important part of bringing yourself back into balance is getting enough sleep. Some ways to help make sure you get those needed hours of rest are getting off your phone/screens at least an hour before bed; give yourself a regular bed time; regular exercise can also help relax you and get that deep restorative sleep you need.

Above all, make sure you give yourself a lot of compassion and grace when you are feeling stressed. It can be confusing as to where to begin helping yourself when you already feel overwhelmed. Start small by incorporating one healthy habit at a time, and slowly build on the confidence that the positive changes bring.

For more information, culturally sensitive resources and supports, check out the links below:

Metis Counseling – 15 ways to reduce stress

First Nation’s Health Authority – Traditional Wellness and Healing

First Nation’s Health Authority Culturally Safe and Trauma-Informed Services​

Hope for Wellness Help Line offers immediate mental health counselling and crisis intervention by phone or online chat. Call toll-free 1-855-242-3310 or start a confidential chat with a counsellor at hopeforwellness.ca​.

Indian Residential School Crisis Line is a national service for anyone experiencing pain or distress as a result of their residential school experience. Call toll-free 1-866-925-4419.

Kuu-Us Crisis Line Society provides crisis services for Indigenous people across BC. Adults/Elders line 250-723-4050; youth line 250-723-2040. Or call toll free 1-800-588-8717. Learn more at www.kuu-uscrisisline.com.

Métis Crisis Line is a service of Métis Nation British Columbia. Call 1-833-MétisBC (1-833-638-4722).

7 Kinds of Personal Budgets and How They Work

7 Kinds of Personal Budgets and How They Work

by | May 1, 2024 | Financial Tips, First Nations | 0 comments

7 Kinds Of Personal Budgets and How To Use Them

It can be easier to know where you are at financially and achieve your financial goals if you keep track of your money every month. A budget can help you monitor your money and make you feel in control of your finances. The catch is to find a budgeting style that works for you so you will use it consistently and reach your goals. Here are some of the different types of budgeting styles you can try:

  1. Traditional Budget
  2. Zero-Based Budget
  3. 50/30/20 Budget
  4. Goal Based Budget
  5. Pay Yourself First Budget
  6. Spending Cap Budget
  7. Envelope Budget

A Traditional Budget

This is possibly one of the most widely used styles of budgeting. You simply subtract your expenses from your income and what ever is left over at the end of the month can be used for savings, retirement, additional payments towards debt or extra purchases. This is one of the easier to use methods and is recommended for beginners.

The Zero-Based Budget

With a Zero-based Budget, the goal is to give every dollar you earn a job, making your income get to Zero every month. But that doesn’t mean it all goes to spending, you give each individual dollar a job, whether that is savings, retirement investing, or paying necessary bills. You choose where you spend the money, making sure each cent has a job and at the end you have nothing left over.

The 50/30/20 Budget

This budget is great for people who want to separate their income into precise portions. The idea is that 50% of your income goes towards necessary expenses, 30% goes towards things you want to spend money but aren’t necessities and 20% goes towards your savings and/or debt.

A Goal Based Budget

So perhaps you have specific goals in mind that you want to achieve. This would be the budgeting style for you. In this budget you have financial goals you want to accomplish, and you set aside money to help reach those goals. Usually, you choose one to two major goals and work with those. Examples of this could be:

  • Save 15% of my income every month.
  • Put 10% of my income into a retirement plan.
  • Pay down 20% of a debt every month.
  • Spend no more than $200 each week on groceries.

With this budget, you choose the goal(s) and then put money aside to achieve them.

The Pay Yourself First Budget

This method puts you and your financial goals front and centre. When you get your pay cheque, you literally pay yourself first by paying towards your financial goal before any other expenses. Whether that’s putting money in a high yield savings account, retirement plan or whatever savings goal you might have. This plan is especially good if you have a hard time making you and your savings a priority. After you pay yourself first the rest of the money goes towards expenses like rent, groceries, car, etc.

Spending Cap Budget

This budget says it all in the name: SPENDING CAP. In this budget you include all that you are willing to spend in a month to a maximum. This includes groceries, bills, debts, and savings all in one monthly limit and you can’t go over that amount. What ends up being left over you are free to do what you want with it, but we will always recommend you put it into savings.

The Envelope Budget

If you are more of a visual person and get encouragement from seeing your money pile up before your eyes in real time, then this budget might work for you. In the Envelope budget, you take physical cash and portion it out into labeled envelopes that are categorized for each expense and savings. For example, one envelope for a vacation, another for the car payment, another for groceries, etc. For maximum visual appeal you can get clear plastic sleeves in a binder or keep it simple with regular letter envelopes.

So which Budget is the best one for you? The one that works and gets you using it consistently. Some people like more restrictive budgets like the “Traditional Budget” or the “Spending Cap” method. Others might want more freedom like the “Pay Yourself First” style. Either way, the best budget is the one that works for you and helps you achieve your financial goals.

For more information or to speak with one of our advisors click this link to get in touch, we are here to help!

Connect with a Licensed Advisor!
What To Do If You Become The Victim Of Fraud

What To Do If You Become The Victim Of Fraud

by | Apr 23, 2024 | Blogs(Newsletter) | 0 comments

What To Do If You Become The Victim Of Fraud

If you become the victim of fraud, don’t be ashamed, it can happen to anyone. Financial fraud can cost you financial losses, potential identity theft and can take a long time to recover from. But you are not alone. We have here the steps you need to take to get your financial life back in order if you fall victim to fraud:

 

  • Take a deep breath and collect your thoughts.
  • Be aware of recovery fraud.
  • Contact your financial institutions.
  • Contact the police.
  • Report the incident.
  • Take steps to protect yourself in the future.

For more indepth information, please continue reading the rest of our newsletter. We will delve further into these points to better help you.
Collect Your Thoughts

It is nerve rattling and overwhelming when you realize you have been the victim of fraud. Your mind can begin to spin and panic set in stopping you from being able to think clearly and take the action you need. If this happens, you need to take deep breaths and calm yourself so you can focus. Once you have regained your thoughts you can begin to gather all the information you have on the
fraudsters:

 

  • Names, titles or positions used, Emails, text messages, letters exchanged between you and the fraudsters,
  • Any website addresses used, and screenshots taken of webpages and messages,
  • Any phone numbers that were given to you,
  • Any credit cards that were used, receipts and statements,
  • Any other forms or records of payment that were involved.
Beware Of Potential Recovery Fraud

Some fraudsters will target people who have just been frauded by way of “recovery fraud” or a “recovery pitch.” How it works is you could possibly be contacted by someone claiming to be a government official or someone who works for a recognized company or tech support claiming that they have recovered your stolen money or lost prize and can return it to you for an advanced fee. If you receive such a message, ignore it and collect all of the same information mentioned above to use in your report of the incident.

Contact Your Financial Institutions

Contact all of your financial institutions, banks, and credit card companies to make them aware of the fraud and put flags on your account so they can monitor for suspicious activities. They will possibly cancel your credit cards and issue you new ones. You will also want to change all your banking and credit card login passwords. Once you have reported it to all of your financial institutions you will want to report it to the credit bureaus Equifax and Transunion as well.

Call Your Local Police

After you have reported the incident to your financial institutions and credit bureaus, you will want to contact your local police. Provide them with as much information as possible so they can create a police file to track activities. They will give you a police file number which you can use to reference your report in case anything more happens that you need to add to the police report.

Report The Incident

You will now want to report the incident to the Anti-Fraud Centre by calling 1-888-495-8501 or through their Fraud Reporting System.
Depending on how the incident took place you may want to report it to other organizations as well:

Website Fraud

For fraud that took place over an official website (make sure it is not a phishing website), report the incident directly to the administrators of the website via a link called “Report and Issue” or “Report and Ad” on the website.

Mail Fraud

In the case where you believe someone has rerouted or redirected your mail, contact Canada Post and then notify your utilities providers of the fraud as well (Hydro, telephone, water, gas etc.).

Status Card Fraud

With a lost, stolen or misused Status Card, contact Public Inquiries at Indigenous Services Canada to report it. They will cancel the card to prevent any further fraudulent activities. You will have to reapply to get a new card issued for you. On the application, list “lost or stolen” as the reason for the application.

Social Insurance Number Fraud

If you lost or believe your Social Insurance Number was stolen you must follow the steps listed above and in this link and then contact Service Canada with the police report.

Birth Certificates, Driver’s Licenses, etc. Fraud

For lost or stolen provincial or territorial documents such as birth certificates, driver’s licenses, health care cards contact the provincial or territorial government where it was issued and report the incident.

Remember, if you fall victim to fraud, don’t be shy. In addition to telling police, your financial institutions, and necessary organizations, tell your friends, family, and neighbours. Your story can help notify them and prevent them from falling victim to fraud as well.

Mail Fraud

In the case where you believe someone has rerouted or redirected your mail, contact Canada Post and then notify your utilities providers of the fraud as well (Hydro, telephone, water, gas etc.).

Status Card Fraud

With a lost, stolen or misused Status Card, contact Public Inquiries at Indigenous Services Canada to report it. They will cancel the card to prevent any further fraudulent activities. You will have to reapply to get a new card issued for you. On the application, list “lost or stolen” as the reason for the application.

Social Insurance Number Fraud

If you lost or believe your Social Insurance Number was stolen you must follow the steps listed above and in this link and then contact Service Canada with the police report.

Birth Certificates, Driver’s Licenses, etc. Fraud

For lost or stolen provincial or territorial documents such as birth certificates, driver’s licenses, health care cards contact the provincial or territorial government where it was issued and report the incident.

Remember, if you fall victim to fraud, don’t be shy. In addition to telling police, your financial institutions, and necessary organizations, tell your friends, family, and neighbours. Your story can help notify them and prevent them from falling victim to fraud as well.

Take Steps To Protect Yourself In The Future

When it comes to protecting yourself from becoming a victim of fraud again, there are several things you can do:

  • Always make sure your computer, laptop, phones, tablets and other devices are current with the latest security and operating system updates.
  • Use different passwords for devices, websites, and accounts. Don’t use the same password for each one.
  • Enable multi-layer authentication whenever possible on your accounts.
  • Make sure your home WIFI is password protected to prevent unauthorized access.
  • When creating passwords, make sure you avoid using easily guessable information like birthdates and names.
  • Only log onto your accounts from trusted sources and sites. Look at the URL to make sure it is the official site and not a phishing site.
  • Be extra careful of using public WIFI, as your information is vulnerable to attacks when using public access.
  • Don’t click on suspicious links or downloads from texts or emails. If the company, financial institution, or organization doesn’t normally reach out to you via email, call or text, be suspicious of incoming messages claiming to be from those places.
  • Regularly review your accounts and statements to be aware of any suspicious or fraudulent activity.
  • If you get a phone call from your bank or credit card company, you can verify if it is truly them by hanging up and then calling the bank or credi card company back using the phone number on the back of your card.

Remember, if you feel pressured by the person you are speaking to it is likely a scam. It is perfectly alright to say no and hang up the phone. You can always call the company back and verify that they really tried to contact you and proceed from there.

Becoming the victim of fraud is scary and overwhelming. We hope you never have to go through it, but if you do we hope these steps help you in your time of need.

If you have any questions you can connect with us using this link. We are here to help!

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Adding Dependents to Your Benefits

Adding Dependents to Your Benefits

by | Jan 26, 2024 | Blogs(Newsletter) | 0 comments

Adding Dependents to Your Benefits

It’s time, they’re here! You are now eligible for your health benefits. It’s an exciting moment when you are able to access your employer sponsored health benefits. It means improved health and well-being for you and your family and a weight of worry off your shoulders as the health bills are now covered.

But with this new coverage can come a slew of new questions, like who is covered? When can I add them? For how long are they covered? These questions and more are often asked, and we are here to answer them and take some of the mystery out of the process. In this newsletter we will cover:

 

  • Who is considered a dependent.
  • What is a life event.
  • How long a dependent can be on your insurance.
  • The cost of adding a dependent.
  • Adding the dependent to your insurance.

For answers to these questions and more, please
continue reading the rest of our newsletter. We will provide general information on these topics that can be applied to most insurance carriers, however some differences will apply.
Who Is Considered A Dependent For Health Insurance
It varies from plan to plan, but usually for health insurance, a “dependent” is defined as a person, especially a family member, who relies on another for financial support. This typically means your spouse and children. Your dependents are covered under your plan, which means they could be entitled to benefits under your workplace coverage or a personal benefit plan you have.
Definition of Spouse

Your spouse can be your legal married partner, or common law partner with whom you publicly present as your partner and with whom you have resided with for a specific period of time. Each insurance company defines common-law spouse differently, so consult your plan administrator for the exact definition.

Definition of Dependent Children

For most health benefits plans, a child is considered a dependent within your family group. This means that your or your spouses’ children can be added to your coverage. Your children may be adopted by you or your spouse, your natural children or stepchildren.
They must be unmarried and usually under the age of 21 to be eligible for most health benefit plans.

Other Family Members

Typically group health insurance plans don’t consider siblings or parents of the insured to be dependents, and therefore they are not eligible for coverage under your group health benefits plan.

What Is A Life Event
A life event refers to an event that causes change in your personal situation that allows you to change your individual/family coverage easily without the requirement to provide evidence of good health.
Most events that are considered life events are:
  • Marriage.
  • Entering a common-law relationship.
  • Divorce.
  • Ending a common-law relationship.
  • Having a child.
  • Adopting a child.
  • The death of your spouse.
  • The death of your child.
  • Your spouse gaining or losing insurance  coverage.
  • Your dependent gaining or losing insurance coverage.
  • Your province of residence changing.

It is important that you notify your insurer of any of these life events immediately, usually withing 30 days of them happening, to keep your policy and coverage up to date for you and your family.

How Long A Dependent Can Be On Your Insurance
There are a few different factors that dictate how long a dependent can stay on your health insurance plan and it varies per policy. For your spouse, they can usually remain covered under your plan for as long as your relationship lasts.
For children, the length of which they can remain on your insurance is different for each policy. However, the most common rules are that so long as the child is unmarried and under the age of 21 they can remain under your coverage. Though, there are sometimes exceptions to certain policies.

For instance, some plans allow your child to remain covered so long as they are attending post secondary school and are under 25. Others can allow for dependent children to remain on their parent’s plan if they are over 21 and have a disability. It is best to check with your specific health benefits provider
to see what their policy is.
The Cost Of Adding Dependents To Your Insurance

The cost implications of adding a dependent to your health insurance plan will vary from insurer to insurer, as well as different factors like your dependents health and age. For more information, check the premiums information of your insurer’s website or brochure, or contact us to speak to one of our plan member service representatives to learn more.

Adding The Dependent To Your Insurance

Once you have taken out the policy or you are eligible for workplace group benefits plan your dependents are also eligible. Each dependent is eligible to be added based on certain criteria: For a spouse or common-law partner, they are eligible from the date of marriage or according to the common-law definition of the insurance company. For a child, they are eligible from the date of birth, adoption, or assemblage of the relationship between you and your spouse.

Remember to gather the necessary information and documentation for each dependent, like the birthdate of each person to be included on the application and their medical information (name and addresses of the family doctors and details of prescription drugs). The documents that are sometimes needed to prove the relationship between the insured and the dependent differs per insurer but could be the following:

  • Personal Health Number (PHN) for everyone.
  • For a spouse, marriage certificate or documentation that you are in a common-law relationship (utility bills, etc.).
  • For newborn children, birth certificate.
  • For adopted children, a copy of the Notice of Placement from the adoption agency is required.

For indigenous applicants to some group benefits plans provided through a First Nations organization (such as First Nations Health authority) you may also need the following:

  • Indian Status Number (register with ISC as soon as possible as the wait can be up to two years).

Note, for a newborn dependent who has been registered with ISC, and has a PHN number, they could be covered under your account for up to two years while they wait for their Indian Status Number. Once the documentation has been provided to the insurer, processing times will vary.

Removing A Dependent From Your Insurance

Being able to remove a dependent from your insurance will be different per policy. Typically, in personal health insurance policies you can remove a dependent at anytime. However, with group benefit policies you may only be able to remove a dependent because of a life event happening. For example:

  • You get divorced or separated from your spouse.
  • A child reaches maximum age of eligibility (turns 26 or is no longer enrolled
    in a post-secondary school).
  • A dependent passes away.

You must notify your insurer of any life events or changes to your dependents as soon as possible in order to keep your coverage current. If you are unsure of something or need help notifying your insurer of a life event, contact us to speak with one of our plan member service representatives and they will help you.

If you have any questions or would like to review how your dependents are covered under your workplace or individual plan please
don’t hesitate to get in touch with our Plan Member Service Representatives. You can connect with them here using this link. We
are here to help!

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Government Retirement Income Sources

Government Retirement Income Sources

by | Nov 16, 2023 | Blogs(Newsletter) | 0 comments

Government Retirement Income Sources

When it comes to retirement, there are so many things to consider: When will you stop working? What sources of income will you draw from? What will you do with your time? This well-earned milestone in your life should be walked into with as much joy and carefreeness as possible, as you deserve it. To get there it will take some knowledge and planning and we want to help you along the way.

For Indigenous seniors, they heavily reply on public income sources like CCP/ QPP, OAS, and GIS in their golden years. So much that it accounts for 47% of Indigenous seniors’ income, whereas only 25% is coming from private income sources. Compare that to non- Indigenous, statistics show that 34% of their retirement income coming from private sources and 33% from government sources.

There are three government provided retirement
incomes sources you may be eligible to receive that
will help support you on your retirement journey:

 

  • Canadian Pension Plan (CPP)/Quebec Pension Plan (QPP)
  • Old Age Security (OAS), and
  • Guaranteed Income Supplement (GIS)

Continue to read the rest of our newsletter to better understand government retirement options that you may be eligible for and learn how you can maximize your retirement income with personal savings and investment options like RPP’s, RRSP’s and TFSA’s as well as any workplace pensions you may have such as RPS, Group RRSP’s and TFSA’s and Pooled Registered Pension Plans.
Canada Pension Plan (CPP) and Quebec Pension Plan (QPP)

The Canada Pension Plan and the Quebec Pension Plan are very similar but have some differences. They provide monthly payments to people who contribute to the plans during their working years. Indigenous employees living off-reserve (or those receiving taxable employment income) must contribute to the Canadian Pension Plan. However, if they are living on-reserve, their employer can choose whether to opt into CPP or not. If they are self-employed or living on-reserve and wanting to opt-in on their own, they must pay into the Canada Pension Plan and contribute both the employer and employee portion of the contribution.

Calculating Monthly Payment Amounts

The total monthly amount that you will receive will depend on how long you contributed to the plan as well as how much you contributed. The amount is also dependent on when you start receiving your CPP or QPP pension. To maximize your CPP pension, you must contribute the maximum amount (based on your yearly earnings) to CPP for 39 of the 47 years you work from ages 18-65.

When Can I Receive My CPP/QPP Payment?

You can choose to take your CPP or QPP pension as early as 60 years of age, or as late as 70 years. Most people opt to take it the month past your 65th birthday. If you choose to take the pension earlier at age 60, it will permanently lower your monthly payment.

As well, the inverse is true, the later you take your CPP or QPP pension the higher your monthly payments will be. To have better understanding of how much you can expect to receive, you can use the Canadian Retirement Income Calculator. Click here to calculate your expected benefits.

Will I Have To Pay Tax On My CPP Benefits?

Yes! Canada Pension Plan benefits are considered income and subject to income tax when receiving those benefits. However, for First Nations, Inuit and Metis, if all of your contributions to Canada Pension Plan were made using tax exempt earnings, then your CPP benefits will also be tax exempt. On the other hand, if your CPP contributions were made with earnings from both on-reserve and off-reserve earnings then only the amount of CPP payments resulting from taxable earnings will be taxed.

Will Paying Into CPP Affect My Tax-Exempt Status?

No! Paying into the Canada Pension Plan will not affect your tax-exempt status.

Can I Work While Receiving My CPP/QPP Payments?

With CPP, you don’t have to quit working. If you work while receiving your CPP retirement pension, you may increase your retirement income with a lifetime benefit called the Post-Retirement Benefit (PRB), retirement pension Supplement in Quebec (RPS). CPP contributions toward the PRB are mandatory for working CPP retirement pension recipients under the age of 65. Starting at age 65, you can choose not to contribute to the CPP while you are working.
Old Age Security (OAS)

Old Age Security is a monthly benefit that you can receive at age 65 or older. Unlike CPP or QPP, you don’t have to work or contribute to Old Age Security to receive it. It is an available retirement fund for most residents in Canada who meet the Canadian legal status and residency requirement. You can choose to receive it at age 65 or defer for up to 5 years. Similar to CPP and QPP, if you choose to receive OAS later your monthly payments will be higher.

Eligibility

To be eligible for Old Age Security you need to have been a Canadian resident for at least 10 years since the age of 18. The longer you have lived in Canada, the larger the amount you would receive.

At age 64, you will be notified as to whether you will be automatically enrolled or if you need to apply. Even if you are automatically enrolled you still have the option to defer if you’d like.

If you aren’t auto enrolled, you will have to apply by filling out the form and submitting it by mail.

Will I Have To Pay Taxes On My OAS?

Yes! You will have to pay taxes on the Old Age Security benefit. The OAS benefit that you receive is considered taxable income as they are not connected to any previous income earned.
Guaranteed Income Supplement (GIS)

The Guaranteed Income Supplement is a non-taxable supplement to the Old Age Security pension for recipients who are low income and live in Canada.

Eligibility

To be eligible to receive GIS you must file a tax return every year to show your income. If you are
automatically enrolled in OAS, you will also be automatically enrolled for GIS. For more information on the income threshold click the link here.

Will I Have To Pay Tax On My GIS?

Luckily, no! The GIS is non-taxable benefits that is meant to supplement if your income is below a certain threshold. Therefore, no taxes will be applicable on these benefits.

Strategies To Maximize Your Retirement Income
To maximize your retirement income in addition to these government pension sources, there are investment savings accounts that you can use to save and grow your money for your retirement. Some of these include:
  • Registered Retirement Savings Plans (RRSP) a registered retirement savings account that allows you to save and invest your money while being able to use the contributions to lower your taxable income while the earnings grow tax free until you withdraw money (then it’s taxable).

 

  • Registered Retirement Income Fund (RRIF) a registered retirement income account that allows you to move money from a registered pension account (RRSP, RPP, etc.) to an income account solely for the purpose of paying you income. Funds in these accounts can still be invested and grow tax free but are taxable when withdrawn. There is also a minimum that must be paid to you annually.

 

  • Tax Free Savings Plans (TFSA) a registered savings investment account that allows you to grow your money tax free and is generally tax free even when withdrawn. However, the contributions of the savings account are not tax-deductible like with an RRSP.

 

  • Registered Pension Plan (RPP) a registered pension plan that is set up by an employer or a union for their employees. Both the employer and employee
    contributions are tax-deductible.

For more information or to get help, please visit our website here or contact our expert financial advisors here.

Depending on your personal circumstances, there are several government retirement income sources that are available to you. All of these sources are
designed to complement your personal savings and investments to help build a strong income foundation for you to rely upon in your golden years.

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