Hide captions (Ctrl+Alt+C) Show captions (Ctrl+Alt+C) definition Enter full-screen (Ctrl+Alt+F) Exit full-screen (Ctrl+Alt+F) finish locked video captions full-screen video mute video pause video picture-in-picture play video playback speed video settings Open video volume Mute (Ctrl+Alt+M) next Next (Ctrl+Alt+.) pause play Playback speed previous Previous (Ctrl+Alt+,) replay resources search Settings Skip Navigation. Hit enter to return to the slide. slide progress submit submit all %count% of %total% item visited %count% of %total% items visited step %count% of %total% Unmute (Ctrl+Alt+M) Transcript visited volume Close Move window Options Resize window Accessible text Toggle accessible text Action Alt Background audio Toggle background audio Bio Check to include Clear and return to Menu Close Captions Toggle captions Comma Continue Ctrl Definition Start Course Please rotate your device Enable keyboard shortcuts Exit Filter FINISH Toggle full-screen Glossary Keyboard Shortcuts Keyboard shortcuts Start Course Captions Off On Normal Video Playback Settings Playback Speed close video settings More info Mute / unmute NEXT Next Menu Period Normal Playback Speed Play / pause PREV Previous hour hours minute minutes second seconds Question List Question mark Replay Resources Restart Resume Search... Search in: Search Results Search Send an email Shift Shortcut List keyboard shortcuts Sidebar Toggle Slide Text Learn More To watch this video, use the preview feature in Storyline 360, upload your published output to a server, publish to Review 360, or switch to static video quality. Streaming video is unavailable for local playback. SUBMIT Submit SUBMIT ALL Terms audio camera moved down camera moved left camera moved right camera moved up %count% of %total% %count% of %total% visited hotspot Use the w, a, s, and d keys to move around the 360 degree image. Press the tab key to jump to interactive markers and hotspots. 360 degree image interaction free exploration mode guided tour mode next previous label marker pause audio pause video play audio play video progress progress %total% item %total% items video video volume Toggle zoom to fit CC Autoscroll Notes Show timestamps Resume autoscroll Select track Transcripts Zoom to fit Continue <Document xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletFont="Arial" /> </Style> <Span Text="Welcome to Retirement Savings Needs. In this module, we’ll look at the different types of retirement savings needs customers may have, the savings plans that are available to help them meet those needs, and the options available that a customer may take advantage of. 
"> <Style FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" BackgroundColor="#000000,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text=""> <Style ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="1" Color="#000000" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="You will be presented with two scenarios that will test your knowledge regarding Retirement Savings Needs. Score 90% to complete the module. "> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Saving for retirement is a top financial priority for Canadians. Many customers dream of having a financial nest egg ready for them when they retire. With the decreasing number of companies offering pension plans and the uncertainty of government benefits (Canada Pension Plan or CPP), it’s important for customers to save more and earn more on their retirement savings.
"> <Style FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="We will follow Paula and Jim’s life story as you learn about Retirement Savings needs. Click each section of Paula and Jim’s timeline starting with Paula and Jim’s Story. 
"> <Style FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0.3" SpacingAfter="0.3"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Paula and Jim met in College and have been saving $100 a week since they both got full-time jobs. They have been putting their money into a Savings account, earning very little interest. They want to start planning for retirement and learn about Retirement Savings Plans (RSPs)."> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Having an RSP can be a great strategy when it comes to helping customers meet their retirement needs. An RSP is a savings plan registered with the Federal Government which has tax advantages designed to help Canadians save for retirement.
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text=""> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Contributions to an RSP can only be made by individuals with "earned income" taxable in Canada, which includes salaries, self-employment income, alimony payments, and net rental income. Income from a pension or an investment is not included. 
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="There are two primary benefits to investing in an RSP - Tax Savings and Tax-deferred growth of savings. 
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text=""> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Any money that a customer contributes to an RSP is deductible from his or her taxable income. 
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Let’s explore this in more detail. 
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Emma earned $50,000 in salaried income last year. She contributed $5,000 to her RSP and so including this contribution as part of her income tax return, will reduce her taxable income from $50,000 to $45,000. Therefore, her income tax would be calculated as though she only made $45,000 rather than $50,000 that year.
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="A customer can contribute up to a certain percentage of their earned income or the annual contribution limit whichever is less. You should encourage your customer to call or visit the Canada Revenue Agency (CRA) site to confirm their RSP contribution room."> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletFont="Arial" /> </Style> <Span Text="A customer will pay taxes when they withdraw funds from an RSP. When funds are withdrawn, they will be taxed at the appropriate tax rate, just like employment income. "> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletFont="Arial" /> </Style> <Span Text="Any money that a customer earns in an RSP grows tax-deferred. That means, any growth from interest, dividends, or capital gains, from investments held in an RSP are not taxed until withdrawn. Investment earnings are added to the original value of the RSP and reinvested to earn further interest, dividends, or capital gains, which can make a big difference in a customer’s retirement savings. With compound interest/returns, this can help a customer accumulate a much larger RSP savings while deferring any taxes until they retire. 
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text=""> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0.3" SpacingAfter="0.3"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletFont="Arial" /> </Style> <Span Text="Unlike a TFSA, a customer will pay taxes when they withdraw funds from an RSP. When funds are withdrawn, they will be taxed at the appropriate tax rate, just like employment income. With a TFSA, customers do not pay taxes on the growth even when it is withdrawn from the account, and the original contribution to the TFSA is not considered deductible from taxable income.
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text=""> <Style ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Paula & Jim learn that there are two types of RSP plans to choose from - Personal RSP and Spousal RSP. They would like to understand how they work and what may be the best solution to make sure they are both prepared for retirement. They are looking for ways to maximize their savings for retirement while minimizing the tax they will have to pay.
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="#163D22" LinkColor="#163D22" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text=""> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="#163D22" LinkColor="#163D22" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="A spousal RSP allows a person to make RSP contributions on behalf of his or her spouse or common-law partner. A Spousal RSP plan is an income-splitting vehicle for couples to use when one person earns significantly more income than the other. To take advantage of this income-splitting, typically the higher income earner will be the contributor. They make the contributions and claim them as a deduction on their own personal income tax return. 
"> <Style FontSize="9" FontIsBold="False" ForegroundColor="#163D22" LinkColor="#163D22" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="The spouse/common-law partner, as the registered owner of the spousal RSP plan, maintains the plan in their name and makes the investment decisions, but doesn’t receive any income tax deductions for contributions made to the plan. "> <Style FontSize="9" FontIsBold="False" ForegroundColor="#163D22" LinkColor="#163D22" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="A personal RSP is an RSP plan that is registered in only one customer’s name. That customer is the registered owner (the annuitant of the plan) and, as owner, makes all the contributions and investment decisions for the plan, and claims those contributions as a deduction on their personal income tax return. "> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="#163D22" LinkColor="#163D22" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="So why would a customer want a Personal versus a Spousal RSP?
"> <Style FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="A Personal RSP is typically suited for individuals who are single or couples with similar income levels. A Spousal RSP is typically suited for couples: 
"> <Style FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="13" TrailingMargin="0" FirstLineMargin="0" Justification="Left" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Where one individual earns significantly more income than the other; or
"> <Style FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="13" TrailingMargin="0" FirstLineMargin="0" Justification="Left" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Where one individual is 71 or older and the other is under 71. 
"> <Style FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="In this case, the older individual can continue to contribute to the younger person’s RSP until the end of the year the younger spouse turns 71. "> <Style FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Locked-in Retirement Savings Plans are known as LRSPs or LIRAs (Locked-In Retirement Accounts) depending on the governing pension legislation. 
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="#163D22" LinkColor="#163D22" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="They are a specific type of registered plan designed to hold locked-in pension funds coming from a company pension when the customer leaves a company prior to retirement. Customers have the option of transferring their pension into an LRSP/LIRA when they retire from their place of work. 
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="#163D22" LinkColor="#163D22" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Pensions are meant to be paid out over time, so when pension money goes into an RSP account, it is locked-in to help ensure it lasts. Not only are withdrawals locked but further contributions to an LRSP or LIRA cannot be made either. Also, funds held inside LRSPs will normally only become available (or "unlocked") upon retirement."> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="#163D22" LinkColor="#163D22" /> </Span> <Span Text="
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0.3" SpacingAfter="0.3"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="All three types of RSPs - Personal, Spousal and Locked-in Retirement Savings Plans - can hold a wide range of TD investments including:
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="#163D22" LinkColor="#163D22" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="27" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0.3" SpacingAfter="0.3"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="1" Color="#000000,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="TD Canada Trust RSP/Locked In RSP - Holds Guaranteed Investment Certificate (GICs)/Term deposit investments only available through TD Canada Trust (TDCT) 
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="#163D22" LinkColor="#163D22" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="27" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0.3" SpacingAfter="0.3"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="1" Color="#000000,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="TD Mutual Funds RSP/ Locked-In RSP - Holds Mutual Funds investments only available through TD Investment Services (TDIS)
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="#163D22" LinkColor="#163D22" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="27" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0.3" SpacingAfter="0.3"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="1" Color="#000000,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="TD Self-Directed RSP/Locked-In RSP - Holds many different types of investments including Guaranteed Investment Certificate (GICs)/Term deposits, and mutual funds, available through Direct Investing (DI)"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="#163D22" LinkColor="#163D22" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="1" Color="#000000,00" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Paula has consistently earned more than Jim and would like to lower her tax bracket at retirement. 
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="1" Color="#000000,00" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="She learned that they benefit most if she maximizes her contributions to an RSP by splitting those contributions between her personal RSP and a spousal RSP for Jim."> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" DefaultTabStop="68.26667" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <BaseSpanStyle FontFamily="Arial" FontSize="16" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="#000000" BackgroundColor="#000000,00" UnderlineColor="#000000,00" Elevation="Normal" Spacing="0" IgnoreKerningTable="False" DisplayCase="AsIs" LanguageId="0" LinkColor="#0000FF"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </BaseSpanStyle> <ListStyle ListType="None" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="There is a maximum amount a customer can contribute to his or her RSP which is based on factors such as the customer’s previous year’s income, the customer's previous year’s contribution(s) to his or her pension plan at work, and the annual maximum contribution limit set by the government. The easiest way for a customer to find out what their contribution limit is, is to refer them to the Canada Revenue Agency (CRA) website, or to contact the CRA. If a customer is unable to maximize their contribution in any given year, the unused room is carried forward indefinitely. 
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" DefaultTabStop="68.26667" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <BaseSpanStyle FontFamily="Arial" FontSize="16" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="#000000" BackgroundColor="#000000,00" UnderlineColor="#000000,00" Elevation="Normal" Spacing="0" IgnoreKerningTable="False" DisplayCase="AsIs" LanguageId="0" LinkColor="#0000FF"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </BaseSpanStyle> <ListStyle ListType="None" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Although contributions can be made year-round, contributions that are eligible for deduction in any particular tax year must be made no later than the first 60 days of the following year. If the customer contributes to both a Personal and Spousal RSP, their combined contributions cannot exceed their contribution limit for the year. "> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" DefaultTabStop="68.26667" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <BaseSpanStyle FontFamily="Arial" FontSize="16" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="#000000" BackgroundColor="#000000,00" UnderlineColor="#000000,00" Elevation="Normal" Spacing="0" IgnoreKerningTable="False" DisplayCase="AsIs" LanguageId="0" LinkColor="#0000FF"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </BaseSpanStyle> <ListStyle ListType="None" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="A customer can over-contribute to their RSP up to $2,000 without being penalized. However, they cannot claim a deduction for the excess amount. 
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" UnderlineColor="#000000,00" Elevation="Normal" Spacing="0" IgnoreKerningTable="False" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" DefaultTabStop="68.26667" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <BaseSpanStyle FontFamily="Arial" FontSize="16" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="#000000" BackgroundColor="#000000,00" UnderlineColor="#000000,00" Elevation="Normal" Spacing="0" IgnoreKerningTable="False" DisplayCase="AsIs" LanguageId="0" LinkColor="#0000FF"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </BaseSpanStyle> <ListStyle ListType="None" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="If a customer contributes more than their contribution limit for a given year, they may be subject to a penalty of 1% per month of the over contribution amount until it is withdrawn or until the RSP contribution room becomes available. "> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" UnderlineColor="#000000,00" Elevation="Normal" Spacing="0" IgnoreKerningTable="False" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style LineSpacingRule="Single" SpacingBefore="6" SpacingAfter="6" /> <Span Text="Customers can withdraw funds from their non-locked in RSP at any time. However unless the withdrawal is for the purpose of a government sponsored program such as the Home Buyer Plan (HBP) or Lifelong Learning Plan (LLP), the withdrawal is subject to a withholding tax and treated as taxable income in the year of the withdrawal. 
"> <Style FontSize="9" FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style LineSpacingRule="Single" SpacingBefore="6" SpacingAfter="6" /> <Span Text="The best strategy for a customer might be to wait until they retire to withdraw from their RSP because his or her total income and income tax bracket is likely to be lower at retirement, so they may be subject to less tax if the money is withdrawn at that time. 
"> <Style FontSize="9" FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style LineSpacingRule="Single" SpacingBefore="6" SpacingAfter="6" /> <Span Text="Let's take a look at the government sponsored programs in more detail. "> <Style FontSize="9" FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style LineSpacingRule="Single" SpacingBefore="6" SpacingAfter="6" /> <Span Text="The Home Buyers’ Plan (HBP) is a program that allows Canadians who are first-time homebuyers to borrow from their RSP to fund the purchase of their first home up to a pre-determined maximum amount. The government allows an RSP owner to withdraw funds, tax-free, subject to the condition that they must pay a minimum amount back each year until the full amount has been repaid to their RSP and other conditions. 
"> <Style FontSize="9" FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style LineSpacingRule="Single" SpacingBefore="6" SpacingAfter="6" /> <Span Text="Repayments to their RSP are not tax-deductible as the customer has already received that benefit when they made their original contribution. 
"> <Style FontSize="9" FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style LineSpacingRule="Single" SpacingBefore="6" SpacingAfter="6" /> <Span Text="Refer to B-Web for more detailed information about the program. 
"> <Style FontSize="9" FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style LineSpacingRule="Single" SpacingBefore="6" SpacingAfter="6" /> <Span Text=""> <Style FontSize="9" FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style LineSpacingRule="Single" SpacingBefore="6" SpacingAfter="6" /> <Span Text="The Lifelong Learning Plan (LLP) is a program that allows individuals to withdraw a certain amount from their RSP to finance training or education for themselves, their spouse or common-law partner. The LLP cannot be used to finance their children's training or education, nor the training or education for the children of the customer’s spouse or common-law partner. Locked-in RRSPs (LIRAs/LRSPs) do not allow funds to be withdrawn for this purpose. Customers must pay a minimum amount back to their RSP each year until the full amount has been repaid. 
"> <Style FontSize="9" FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style LineSpacingRule="Single" SpacingBefore="6" SpacingAfter="6" /> <Span Text="Refer to B-Web for more detailed information about the program.
"> <Style FontSize="9" FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style LineSpacingRule="Single" SpacingBefore="6" SpacingAfter="6" /> <Span Text=""> <Style FontSize="9" FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="0" Color="#000000,00" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Let’s look at an example. Paula has a sudden emergency and needs to withdraw money from her RSPs to cover the unexpected costs. Paula will need to withdraw $20,000 from her RSPs to cover the unexpected costs. 
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="0" Color="#000000,00" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="When she withdraws money from her RSP the withdrawal amount is subject to an immediate withholding tax. Supposing the withholding tax is 10%, the Bank would hold back $2,000 and remit it to the government on her behalf. That means Paula would end up with $18,000. At the end of the year, Paula will need to add the $20,000 to her Income Tax Return and report it as taxable income. 
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="0" Color="#000000,00" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text=""> <Style FontSize="9" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Paula & Jim are now 65 years old and have worked hard. They are considering retirement and wish to travel the world. Let’s look at the many sources of retirement income they might receive. Click each button to learn more.
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="1" Color="#000000,00" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text=""> <Style FontFamily="Arial" FontSize="9" FontIsBold="True" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="The majority of today’s Canadian seniors receive income from Canada’s public pension system. The two main pension programs are the Old Age Security program (OAS) and the Canada Pension Plan (CPP) or Quebec Pension Plan (QPP). "> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#222222" BulletFont="Arial" /> </Style> <Span Text="At retirement customers can have a combination of registered and non-registered savings and investments from which to draw income. Registered savings and investments are any RSPs the customer has in place. Non-Registered savings and investments can take many forms, including:
"> <Style FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="27" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="1" Color="#000000,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Interest on personal savings, Term Deposits/GICs, bonds, etc. 
"> <Style FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="27" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="1" Color="#000000,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Income from business assets and/or real estate
"> <Style FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="27" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="1" Color="#000000,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Liquidation of personal assets
"> <Style FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="1" Color="lt1,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Registered savings and investments - e.g., RSPs - must be converted into a Retirement Income Fund (RIF) in the year the customer turns 71, regardless of whether the customer is retired or not.
"> <Style FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="1" Color="lt1,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text=""> <Style ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="For some customers, employer pension plans are another source of retirement income. A pension plan is a retirement savings plan set up by a company for its employees. The pension amount that the employee receives is dependent on the type of plan they have - e.g., Defined Benefit Plan or Defined Contribution Plan. Watch this short video to learn about the difference between the two employer pension plans."> <Style FontIsBold="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> <Span Text="
"> <Style FontIsBold="True" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text=""> <Style FontIsBold="True" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="One of the fastest growing trends in retirement planning is for retirees to continue working, to some degree, into retirement. Some work as a way to supplement their retirement income, others do it to maintain social relationships, or just because they enjoy it. Whatever the case, it’s important to consider the possibility of employment income in a customer’s retirement years. 
"> <Style ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="1" Color="#000000,00" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="A Deferred Profit Sharing (DPSP) plan, allows an employer to share the company’s profits with some or all of its employees. 
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="At retirement, a customer can:
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="13" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Parentheses" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Take the money in one lump sum
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="13" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Parentheses" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Take the money in periodic equal instalments over a maximum of 10 years
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="13" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Parentheses" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Buy an annuity with a guaranteed period of no more than 15 years"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Paula and Jim would like to know more about the government pension plans. "> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Multiple" LineSpacing="30" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletFont="Arial" /> </Style> <Span Text="The Old Age Security (OAS) pension is a monthly payment available to most Canadians. In order for customers to qualify for OAS, they must: meet the minimum age requirement; have resided in Canada for a minimum amount of years; and meet the citizenship or legal residence requirements. For customers with little or no other income, there are two additional benefits they may qualify for.
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Multiple" LineSpacing="30" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text=""> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style LineSpacingRule="Single" SpacingBefore="6" SpacingAfter="6" /> <Span Text="The Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) (legislated by the province of Quebec), provides a monthly income in the event of retirement, disability, or death, to a customer who has contributed to CPP or QPP over the course of their work life. The amount received is based on the:
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> <Block> <Style LeadingMargin="13" FirstLineMargin="0" LineSpacingRule="Single" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Number of years he or she has worked and contributed to CPP or QPP
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> <Block> <Style LeadingMargin="13" FirstLineMargin="0" LineSpacingRule="Single" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Amount of contributions made during his or her years of employment
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> <Block> <Style LeadingMargin="13" FirstLineMargin="0" LineSpacingRule="Single" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Age at which he or she decides to begin receiving benefits
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> <Block> <Style LeadingMargin="13" FirstLineMargin="0" LineSpacingRule="Single" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="CPP and QPP benefits are taxable income which means the customer must include this income on his or her income tax return"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0.3" SpacingAfter="0.3"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="In the case where the contributing person dies, his or her estate may receive a lump sum benefit payment. Even if there is no estate, the person responsible for the funeral expenses, the surviving spouse or common-law partner, or the next of kin, may be eligible to receive the death benefit. "> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="If the customer becomes severely disabled to the extent that he or she cannot work on a regular basis, the individual, along with their children, may receive a monthly benefit payment. The monthly benefits will cease when the customer recovers or when he or she reach the standard age of retirement. The child’s benefit will cease when he or she reaches the maximum age limit. "> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="A customer can apply for and receive a full CPP retirement pension at age 65 or receive it as early as age 60 with a reduction, or as late as age 70 with an increase.
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="The amount that a customer will receive from the CPP/QPP retirement pension plan is based on the age he or she decides to begin receiving benefits, the number of years he or she has worked, and the amount of contributions he or she has made. This monthly benefit is adjusted to ensure the customer can maintain a certain standard of living."> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Paula and Jim are now retired and wish to use, or draw on, their RSPs as a source of income. Let’s see how they generate retirement income from their RSP. 
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" DefaultTabStop="68.26667" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <BaseSpanStyle FontFamily="Open Sans" FontSize="17.0666676" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="#FFFFFF" BackgroundColor="#000000,00" UnderlineColor="#000000,00" Elevation="Normal" Spacing="0" IgnoreKerningTable="False" DisplayCase="AsIs" LanguageId="0" LinkColor="#0000FF"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </BaseSpanStyle> <ListStyle ListType="None" ListTypeFormat="Plain" Start="0" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text=""> <Style FontFamily="Arial" FontSize="9" FontIsBold="True" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="0.3"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="1" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="A Retirement Income Fund (RIF) is an account that allows customers to generate income from the savings they accumulated under their RSP.
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="0.3"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="1" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="RSPs must be converted to a RIF by December 31"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> <Span Text="st"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" Elevation="Superscript" LinkColor="dk1,00" /> </Span> <Span Text=" of the year in which the plan holder turns 71. However, there is no minimum age limit for conversion, so RSP to RIF conversions may be considered when customers enter their early 60s and are no longer working. A customer can choose from a variety of investment products to hold in their RIF including GICs, Mutual Funds, Stocks and Bonds. The plan options include:
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="27" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="1" Color="#000000,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="TD Canada Trust Flexi-RIF
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="27" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="1" Color="#000000,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="TD Mutual Funds RIF
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="27" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="1" Color="#000000,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="TD Direct Investing Self-Directed RIF
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="0.3"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="1" Color="lt1,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Similar to a RSP, any interest, dividends, or capital gains, earned from any investments held in the RIF are not taxable until the customer decides to withdraw funds. 
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="0.3"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="1" Color="lt1,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text=""> <Style FontSize="9" FontIsBold="True" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletFont="Arial" /> </Style> <Span Text="A RIF requires that an Annual Minimum Payment (AMP) be distributed to the owner of the plan each year. Although the system automatically calculates the AMP for the customer, it's important to know that the AMP is calculated based on the:
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="27" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="1" Color="#000000,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Customer's OR spouse/common law partner's age
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="27" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="1" Color="#000000,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Plan Value as of December 31st of the previous year
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="27" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="1" Color="#000000,00" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Withdrawal schedule established by the Government (the minimum percentages that needs to be withdrawn)
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletFont="Arial" /> </Style> <Span Text=""> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="The AMP, as a percentage of the plan, increases as the customer gets older. It can be set up to be paid to the customer weekly, bi-weekly, monthly, quarterly payments, semi-annually or annually (depending on the plan type). Each payment is the equivalent of his or her annual payment amount divided by the payment frequency. For example, a $12,000 AMP with monthly payments would be 12 payments of $1,000 whereas a quarterly schedule would be 4 payments of $3,000.
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="If your customer prefers a steady income from their RIF, they should consider more frequent payments. If they do not need their RIF income, they could choose an annual payment to be paid on or before December 31st. This allows the money to remain in his/her RIF account, with the net return compounding tax-deferred, until the annual payment is made."> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="1" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Customers may also choose to make withdrawals in excess of the AMP; however, the amount in excess of the AMP is subject to a withholding tax at the time of the withdrawal. The withholding tax amount is deducted from the withdrawal amount and remitted to the government. The income a customer receives from a RIF is included as taxable income on their tax return. 
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="1" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Let's looks at what happens when a customer passes away and founds are left in a RIF.
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text=""> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="1" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="In the event that a customer does not name a beneficiary, or designate the estate as the beneficiary, the RIF will be included in the calculation of probate fees on their estate as well as included as income on their final tax return for that year. 
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="1" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Note: A customer can designate his/her spouse or common-law partner to be the successor annuitant. When the customer dies, the successor annuitant takes over the plan without disruption to the payments"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="1" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="If a beneficiary or successor annuitant has been designated, then the funds automatically transfer to the beneficiary. The amount will be taxable income on the deceased's final tax return. Only if the beneficiary is a spouse (or common-law partner) can it be transferred to the spouse's RIF or RSP, on a tax-free basis.
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Plain" Start="1" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="In certain circumstances, amounts can also be transferred tax-free if the customer has designated a financially dependent child/grandchild and the amount is:
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="13" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="1" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Used to purchase a term annuity 
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="13" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="1" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Transferred to a RSP 
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="13" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="Bullet" ListTypeFormat="Plain" Start="1" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Rolled into an RDSP, if they qualify
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text=""> <Style FontFamily="Arial" FontSize="9" FontIsBold="True" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Like a locked-in RSP, these investments are locked-in because their intended purpose is to provide a customer with retirement income. Typically the source of funds in a locked-in plan comes from a company pension plan. Customers with a locked-in RSP are required to transfer those funds no later than age 71 to a locked-in RIF (LIF, LRIF, RLIF, or Prescribed Retirement Income Fund (PRIF)). Unlike other RIF accounts that can be opened at any age, LIFs, LRIFs, RLIFs, and PRIFs, may have a minimum age restriction. The restriction is typically age 55 but ultimately depends on the governing pension legislation. As with all RIFs, a minimum amount must be withdrawn annually, however, there is also an annual maximum amount that may apply (not applicable to PRIFs).
"> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="LRIFs are currently available only for locked-in funds governed by Newfoundland and Labrador pension legislation. LRIFs do not require the purchase of a life annuity at age 80. Minimum and maximum withdrawals continue until death or until the LRIF funds are depleted. "> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Restricted Life Income Fund (RLIFs) are currently available for federally regulated locked-in funds only. They are restricted to company pension plans that are registered under federal jurisdiction.
"> <Style FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text=""> <Style FontIsBold="True" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="A Prescribed Retirement Income Fund (PRIF) is very similar to a RIF in that there is no maximum withdrawal limit. PRIFs are currently only available for locked-in funds governed by Saskatchewan and Manitoba pension legislation."> <Style FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="In this module, we learned the importance of retirement savings, outlined the various types, features, and benefits of an RSP, and explained how it’s contributions, withdrawals, and payments work. We also learned about the features and benefits of RIFs and LIFs. "> <Style FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="dk1,00" LinkColor="dk1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0.300000042" SpacingAfter="0.300000042"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletFont="Arial" /> </Style> <Span Text="You have a solid understanding of Retirement Savings! Your training completion will be updated to show that you have the knowledge required for this topic."> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> <Span Text="
"> <Style FontFamily="Arial" FontSize="9" ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> </Block> <Block> <Style LineSpacingRule="Single" SpacingBefore="6" SpacingAfter="6" /> <Span Text="Click “Exit” to update your training history and complete the course."> <Style FontFamily="Arial" FontSize="9" FontIsItalic="True" ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="1" Color="#000000" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="You will be presented with two scenarios that will test your knowledge regarding Retirement Savings Needs. Score 90% to complete the module. "> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="dk1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="dk1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style LineSpacingRule="Single" SpacingBefore="6" SpacingAfter="6" /> <Span Text="Assessment Scenario 1 "> <Style FontIsItalic="False" ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> <Span Text="
"> <Style FontFamily="Arial" FontSize="9" FontIsItalic="False" ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Alex is single, and works as a digital marketing specialist. She works and lives downtown. 
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Click Continue to get started."> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style LineSpacingRule="Single" SpacingBefore="6" SpacingAfter="6" /> <Span Text="Assessment 
"> <Style ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> </Block> <Block> <Style LineSpacingRule="Single" SpacingBefore="6" SpacingAfter="6" /> <Span Text="Scenario 1 – Question 2
"> <Style ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="1" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Alex decides the Personal Plan is the way to go. What does Alex need to know before she makes her RSP contribution?
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="lt1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="lt1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="1" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Select all that apply, then click Submit."> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" UnderlineStyle="Normal" ForegroundColor="lt1,00" BackgroundColor="#000000,00" Elevation="Normal" Spacing="0" DisplayCase="AsIs" LanguageId="0" LinkColor="lt1,00"> <Shadow Offset="0x0" Color="#FFFFFF,00" /> </Style> </Span> <Span Text="
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="1" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Correct/Incorrect: 
"> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="1" Color="#000000,00" Size="100" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Alex should know that she can over-contribute to her RSP up to $2,000 without being penalized, or she may be subject to a penalty of 1% per month on the over contribution amount or she can withdraw the over-contribution amount but she will be taxed."> <Style FontFamily="Arial" FontSize="9" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="0" Color="#000000,00" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Assessment Scenario 2
"> <Style ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" ListLevel="0" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="6" SpacingAfter="6"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Start="0" Color="#000000,00" Size="100" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Lucy and Brian have saved and contributed to their retirement for over 20 years. They have over 2 million dollars in Net Worth. They are celebrating their 60th birthdays this year and are ready for an early retirement."> <Style ForegroundColor="lt1,00" LinkColor="lt1,00" /> </Span> </Block> </Content> </Document>