Term investments are fixed-term investments that allow your savings to grow in a secure manner. You will have the advantage of knowing the return and when the investment will end at the time of deposit. The interest rate is guaranteed until the end of the term and is determined by the length of the term.
BENEFITS
A mutual fund is the pooling of money from many investors to invest in stocks, bonds, short-term money market instruments or other securities. You can hold a portion of these funds by purchasing units and becoming a unitholder.
BENEFITS
Registered Retirement Savings Plan
A Registered Retirement Savings Plan is a good way to save today for your retirement. The RRSP is an excellent tax shelter for people aged 71 and under with employment income who want to make their money grow. The capital and investment income accumulated will only be taxed when withdrawn from the plan.
BENEFITS
The RRSP is one of the most advantageous savings plans from a tax standpoint. What does it offer?
Tax-Free Savings Account
The Tax-Free Savings Account (TFSA) is a unique and flexible savings account that allows you to grow your savings tax-free for a personal project. Why flexible? Because you can withdraw money from the plan whenever you want without paying tax on it.
The TFSA is, after the RRSP, the most advantageous instrument created by the Canadian government to encourage personal savings. What does it allow you to do?
This insurance allows the insured to receive monthly benefits based on his or her income to compensate for the loss of salary following an accident or illness that renders the insured disabled.
THE IMPORTANCE OF DISABILITY INSURANCE
Disability insurance allows the insured to focus full-time on their recovery, without financial worries.
WHAT DISABILITY INSURANCE ALLOWS
Home Buyers' Plan
The HBP allows you to withdraw funds from your Registered Retirement Savings Plan (RRSP) to purchase or build a home. In the year following the purchase or construction, you must occupy the home. The funds can be repaid over a period of 15 years, without interest.
BENEFITS
This service is offered by a mortgage broker, who negotiates on your behalf in order to find the best mortgage offer from several lending institutions, whether for the purchase of a house or residential buildings.
BENEFITS
The mortgage broker acts as an intermediary between the lending institutions and you. Because of the volume of business they generate and their solid knowledge of the market, brokers make sure they obtain the mortgage loan best suited to your financial situation, and at the best conditions.
WHAT MORTGAGE BROKERAGE OFFERS
* MICA Capital Inc. and Planiprêt Agence Hypothécaire have signed a referral agreement allowing MICA advisors to refer their clients who have mortgage financing needs. Mortgage brokers of Planiprêt Agence Hypothécaire are supervised by the Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ) and must be Accredited Mortgage Professionals (AMP) of the Canadian Association of Accredited Mortgage Professionals.
This insurance covers your mortgage payments in the event of disability or death. Whether you are single or married, with or without children, it is important to protect yourself and your loved ones.
THE IMPORTANCE OF MORTGAGE LOAN INSURANCE
Tax-Free Savings Account
The Tax-Free Savings Account (TFSA) is a unique and flexible savings account that allows you to grow your savings tax-free for a personal project. Why flexible? Because you can withdraw money from the plan whenever you want without having to pay tax on it.
BENEFITS
The TFSA is, after the RRSP, the most advantageous instrument created by the Canadian government to encourage personal savings. What does it do?
The First-Time Home Buyer's Tax-Free Savings Account is dedicated to saving for the purchase of a first home. The TFSA-FPSA combines the advantages of a TFSA and an RRSP to save for your down payment. Your contributions reduce your taxable income.
BENEFITS
The TFSA contribution deadline is December 31 of each year.
Life insurance is a contract by which an insurance company undertakes to pay, at the time of the death of the insured, a lump sum of money to a beneficiary chosen by the subscriber in return for the premiums paid. This amount will be paid in full to the beneficiary, tax-free.
THE IMPORTANCE OF LIFE INSURANCE
Life insurance is a great way to maintain the standard of living of our loved ones following the death of the insured. It allows, among other things, to :
Today, one in three Canadians will be diagnosed with a critical illness in their lifetime. Critical illness insurance provides a tax-free lump sum payment if you are diagnosed with a critical illness covered by your policy.
Cancer and cardiovascular disease are generally covered by this type of insurance. Be aware that you do not have to die of the disease to receive the benefit: this insurance is not life insurance and does not replace it.
THE IMPORTANCE OF CRITICAL ILLNESS INSURANCE
This type of insurance allows you to have time to rest, while keeping your mind off financial concerns and focusing 100% on your recovery.
WHAT CRITICAL ILLNESS INSURANCE ALLOWS
This insurance allows the insured to receive monthly benefits based on his or her income to compensate for the loss of salary following an accident or illness that renders the insured disabled.
THE IMPORTANCE OF DISABILITY INSURANCE
Disability insurance allows the insured to concentrate full-time on recovery without financial worries.
WHAT DISABILITY INSURANCE ALLOWS
Insuring your child provides protection for both the child and the parents. If the child develops health problems, it may be difficult for him or her to purchase life insurance. Buying now will ensure the child's future insurability.
In the event of the child's passing, you will be able to benefit from financial support to cover funeral expenses and take time off work while you grieve.
WHAT CHILDREN'S INSURANCE ALLOWS
Registered Retirement Savings Plan
A Registered Retirement Savings Plan is a good way to save today for your retirement. The RRSP is an excellent tax shelter for people aged 71 and under with employment income who want to make their money grow. The capital and investment income accumulated will only be taxed when withdrawn from the plan.
BENEFITS
The RRSP is one of the most advantageous savings plans from a tax standpoint. What does it offer?
Tax-Free Savings Account
The Tax-Free Savings Account (TFSA) is a unique and flexible savings account that allows you to grow your savings tax-free for a personal project. Why flexible? Because you can withdraw money from the plan whenever you want without having to pay tax on it.
BENEFITS
The TFSA is, after the RRSP, the most advantageous instrument created by the Canadian government to encourage personal savings. What does it do?
Loan balance or credit insurance is a contract whereby a benefit is paid to the insured in order to repay the balance of his loans in the event of his death or to see, within certain limits, to the periodic payments of his debts in the event of disability.
The share redemption insurance allows the beneficiary(ies) to obtain liquidity in order to redeem the shares of a co-shareholder in a corporation, in the event of the latter's disability or death.
Today, one in three Canadians will be diagnosed with a critical illness in their lifetime. Critical illness insurance provides a tax-free lump sum payment if you are diagnosed with a critical illness covered by your policy.
Cancer and cardiovascular disease are generally covered by this type of insurance. Be aware that you do not have to die of the disease to receive the benefit: this insurance is not life insurance and does not replace it.
THE IMPORTANCE OF CRITICAL ILLNESS INSURANCE
This type of insurance allows you to have time to rest, while keeping your mind off financial concerns and focusing 100% on your recovery.
WHAT CRITICAL ILLNESS INSURANCE ALLOWS
This insurance allows the insured to receive monthly benefits based on his or her income to compensate for the loss of salary following an accident or illness that renders the insured disabled.
THE IMPORTANCE OF DISABILITY INSURANCE
Disability insurance allows the insured to concentrate full-time on recovery without financial worries.
WHAT DISABILITY INSURANCE ALLOWS
This insurance provides for the unexpected in the event of illness or accidental injury by covering medical and other related costs.
Travel insurance* provides coverage in the event of a medical emergency, hospitalization abroad or repatriation. It is also available as a multi-risk package - including cancellation insurance and baggage insurance - to cover all unexpected events before and during a stay abroad.
SHORT-TERM TRAVEL INSURANCE
Hospitalization costs abroad are often expensive and are not always covered by the Quebec health insurance plan (RAMQ). It is therefore essential that you be well protected during short stays outside the country.
LONG TERM TRAVEL INSURANCE** (LTTI)
Also known as "Snowbird". This travel insurance offers special protection for long-term stays. It takes into account the medical history of each insured, covers emergency hospital expenses and repatriation to Quebec, if necessary.
* MICA does not distribute travel insurance. MICA advisors are able to refer their clients to our partner, who will take care of this aspect.
* This coverage must be purchased with the help of a specialized medical underwriting advisor at Escapade Assurance Voyage by calling 1-855-434-6422.
Registered Retirement Savings Plan
A Registered Retirement Savings Plan is a good way to save today for your retirement. The RRSP is an excellent tax shelter for people aged 71 and under with employment income who want to make their money grow. The capital and investment income accumulated will only be taxed when withdrawn from the plan.
BENEFITS
The RRSP is one of the most advantageous savings plans from a tax standpoint. What does it offer?
Sound debt management is a good first step towards peace of mind. It is important to analyze your situation, your needs and your consumption habits in order to establish a budget.
An advisor can help you develop a financial strategy to improve your debt situation and save money. The budget will also help you determine how much you can save.
WHAT DEBT MANAGEMENT ALLOWS
Tax-Free Savings Account
The Tax-Free Savings Account (TFSA) is a unique and flexible savings account that allows you to grow your savings tax-free for a personal project. Why flexible? Because you can withdraw money from the plan whenever you want without having to pay tax on it.
BENEFITS
The TFSA is, after the RRSP, the most advantageous instrument created by the Canadian government to encourage personal savings. What does it do?
Registered Retirement Savings Plan
A Registered Retirement Savings Plan is a good way to save today for your retirement. The RRSP is an excellent tax shelter for people aged 71 and under with employment income who want to make their money grow. The capital and investment income accumulated will only be taxed when withdrawn from the plan.
BENEFITS
The RRSP is one of the most advantageous savings plans from a tax standpoint. What does it offer?
Group insurance* is usually part of the benefits package offered to employees through the employer, a union or a professional association. No medical examination is usually required for employees to enroll in group insurance.
Each person eligible for a group insurance plan is, however, required to enroll in the plan and to provide coverage for his or her spouse, minor children or students up to age 25.
YOU DON'T HAVE ACCESS TO A GROUP INSURANCE PLAN?
There are insurance products sold on an individual basis, designed, for example, forself-employed workers. Contact your advisor to find out more.
WHAT IS A PENSION PLAN?
A pension plan is a tax shelter that allows an individual to defer paying taxes on money invested for retirement. The tax liability on contributions and the appreciation of investments is deferred until they are withdrawn.
The amount of contributions made to this type of plan can be deducted from earned income when preparing the current year's income tax returns and thus reduce the contributor's taxable income. Principal and income will also be taxable when withdrawn from the plan.
* MICA does not distribute group insurance products. Through our partner, MICA advisors are able to refer their clients to this provider, who will handle this aspect.
Private Management*offers high net worth individuals with a complete range of financial solutions and services including enhanced banking, trust and estate services, and investment management services. Your MICA advisor can offer you private management services through the fund companies or in collaboration with our partner.
* MICA does not distribute discretionary private management products. Through our partner, for such needs, MICA advisors are able to refer their clients to this partner, who will handle this aspect.
Tax-Free Savings Account
The Tax-Free Savings Account (TFSA) is a unique and flexible savings account that allows you to grow your savings tax-free for a personal project. Why flexible? Because you can withdraw money from the plan whenever you want without having to pay tax on it.
BENEFITS
The TFSA is, after the RRSP, the most advantageous instrument created by the Canadian government to encourage personal savings. What does it allow you to do?
Individual Pension Plan
The Individual Pension Plan (IPP) is a defined benefit plan designed for a single person. Unlike an RRSP, it is the amount of benefits payable at retirement that is predetermined, not the amount of contributions allowed. The annual contribution amount is determined by an actuary based on various factors such as age and income. An IPP generally offers the opportunity to contribute more tax-deductible amounts than an RRSP.
BENEFITS
All IPP contributions and plan administration fees are tax deductible. No employee contribution is required.
For business owners or executives whose income requires a more optimal tax deferral strategy, an Individual Pension Plan (IPP) can be a very interesting option.
Voluntary Retirement Savings Plan
The Voluntary Retirement Savings Plan (VRSP) is designed specifically for SMEs that do not already have a group retirement savings plan in place at work. Unlike an RRSP, the VRSP combines the savings of several workers, which allows for economies of scale on management fees.
In Quebec, an employer is required to establish a VRSP if it does not already offer a workplace retirement savings plan and has a defined number of eligible employees.
BENEFITS
If you are self-employed or an individual who wants to save for retirement, the VRSP may be a wise solution for you. What does it allow?
Registered Retirement Income Fund
The Registered Retirement Income Fund (RRIF) is an extension of the RRSP. It allows you to dispose of savings accumulated during your working years. The RRSP must be converted into a RRIF by December 31 of the year in which you turn 71.
BENEFITS
The RRIF allows you to withdraw money periodically while continuing to grow your capital tax-free. What does it do?
Life Income Fund
A Life Income Fund (LIF) is an extension of a Locked-In Retirement Account (LIRA) after retirement.
Almost identical to the Registered Retirement Income Fund (RRIF), the LIF differs only in the source of the funds and the maximum annual income payment.
BENEFITS
The money accumulated in your pension plan and transferred to a LIF can be withdrawn periodically to live comfortably for the rest of your life. Only withdrawals are taxable.
Locked-in Retirement Income Funds
Locked-in Retirement Income Funds (LRIFs) are similar to Registered Retirement Income Funds (RRIFs). However, LRIFs are tax-sheltered, locked-in income accounts.
They allow you to create a source of income at retirement using the amounts accumulated in a locked-in RRSP or LIRA. The government determines both the minimum and maximum annual amount to which you are entitled.
With estate planning, you ensure that the transfer of your estate proceeds smoothly and according to your wishes. Reviewing the will ensures that it reflects your intentions and proposed actions. In addition to ensuring that your inheritance is passed on in harmony, proper estate planning helps minimize the financial and tax impact of the decease on your loved ones.
BENEFITS
Funeral expenses, filing legal papers such as a death certificate, paying off your debts and paying your mortgage are some of the costs incurred at the time of death.
Several options are available to protect your loved ones, maintain their standard of living and minimize the impact of these costs.
REDUCE THE FINANCIAL AND TAX BURDEN OF YOUR DEATH
It is possible to save money with the intention of leaving an inheritance to loved ones at the time of death, in a Tax-Free Savings Account (TFSA), for example.
When you invest, you can identify your heirs and the portion of your estate you wish to allocate to them. Of course, a will is the best way to state your wishes in this regard.
Some life insurance policies protect the legacy and value of your estate. Also, estate planning allows you to increase the value of your estate until the time comes to pass it on to your heirs.
A pre-arranged funeral* is a contract established during a person's lifetime to determine in advance the funeral and burial services to be provided at the time of death.
THE IMPORTANCE OF PRE-ARRANGING A FUNERAL
A death necessarily generates several decisions for those who must organize the funeral of a loved one. Establishing a pre-arrangement contract will certainly alleviate the responsibility of our loved ones in the event of death.
WHAT THE FUNERAL PRE-ARRANGEMENT ALLOWS
