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Group
RRSP's
Group RRSP’s provide monthly convenience of payroll deduction, which, in
turn, provides immediate tax relief on each contribution made. Monthly
contributions through a Group RRSP offer a simpler and less tedious way of
saving for retirement. Profco Insurance & Financial Services Ltd. offers:
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Group RRSP’s that assist in determining the mix of investment funds that
best suits each member’s risk tolerance and retirement goals.
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Help one to understand the asset mix best chosen for their investment
personality.
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Assist in the selection of the appropriate funds for one’s investment
portfolio, while attempting to maximize return, based on historical and
expected returns over a long period of time.
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Provide web access to participants to view their individual account at their
own convenience.
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RESP's
Registered Educational Savings Plans are a unique and positive way of saving for
your children's education. Maximum annual contributions of up to $4,000 are
allowed. Deposits of up to $2,000 per year per child under the age of 18 will be
given a 20% government grant (upto $400 per year per child) that is automatically
deposited into the RESP account when used toward post-secondary educational
purposes. See our "Links" page for further
information.
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RRSP's
RRSP contributions will provide Canadian contributors immediate tax relief toward
the funding of their Registered Retirement Savings Plan. Contributions of up to
18% per year of salary for the tax year 2004 are $15,500, $16,500 for 2005 and
$18,000 for 2006. After 2006 the limits will be indexed to average wage growth
thereafter. RRSP guidelines also allow carry forward of unused RRSP credits to be
utilized in future years. The objective of RRSP's should be to achieve a retirement
income equal to 70% of pre-retirement earnings. For more extensive information on
RRSP's please refer to our Links page.
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