Interest rates are subject to change at any time as dictated by market conditions. For GIC products with terms of greater than a year, interest and principal from a guaranteed investment roll to the daily interest investment automatically. Once $1,000 has accumulated in the daily interest investment, a client may choose to transfer the money into a guaranteed interest investment. There are no up-front or annual fees. © Sun Life Assurance Company of Canada. There are exceptions to non-seizability : garnishments by Federal Government, debt for family support, family patrimony, fraudulent acts with respect to bankruptcy. It can also spread your workload throughout the year. Any interest credited after the date of death is taxed to the Estate of the deceased and the surviving owner. For example, in Quebec, since 1982 the divorce makes null and void the beneficiary designation, but this is not the case in other provinces. Rates will be interpolated for client-selected end dates. Investments within a Superflex policy automatically renew to the same term at maturity. the treaty specifies a 15% rate for trust income and no rate for estate income. Upon the death of the annuitant and receipt of satisfactory proof, we will pay the policy value in effect on the date of death. No MVA applies to withdrawals from the Daily Interest Investment. a specific end date (e.g. The expense adjustment is used to recover the expenses incurred when the contract is issued such as selling and administrative expenses. The unused RRSP contribution room determines the amount of RRSP contribution that may be made and deducted in a year allowing a taxpayer to defer the contribution made to their RRSPs. : +52 55 5207 1080 Tel. Interest rates are expressed as a rate per year compounded annually. Superflex accumulation annuity (Insurance GIC*): All interest types are available and can all be selected within the same product, unlike the GIC products described below. In all provinces/territories creditor protection does not apply to contributions made 12 months prior to bankruptcy. Except voluntary contributions in certain provinces. You may also choose to leave your cash benefits with Sun Life to accumulate and be available for future needs. Note: For short-term GIC products, #days/365 in the above formula becomes the #days beyond the lower term for which a rate is stated divided by the number of days between the lower and higher terms (e.g. Superflex was issued as a non-registered contract, a Registered Retirement Savings Plan (RRSP), a locked-in retirement account (LIRA) or a locked-in RRSP. The client must specify from which investment we are to take the withdrawal. Sun Life Financial and its advisors should not make any specific representations that a certain policy will be exempt from seizure. We "interpolate" interest rates for investment terms that lie between whole years. Insurance GIC* - Superflex and Income Master; SunGIC Max - Long-term rates; SunGIC Max - Short-term rates; GIC - Long-term rates; GIC - Short-term rates *These products are accumulation annuities issued by Sun Life Assurance Company of Canada. Liquidity risk arises whenever the liability holders (clients) demand immediate cash for their financial claims. The annual interest equals the principal multiplied by the applicable interest rate. Anytime funds are surrendered from a guaranteed interest investment prior to the investment’s end date. guaranteed interest investments (minimum investment $1,000). Divorce does not have the same effects in all provinces. It is very difficult for even a very experienced lawyer to give firm opinions as to whether a particular policy is protected or not. If a spouse is named as the sole beneficiary they have the option of assuming ownership as the successor holder. The following tables show the non-guaranteed dividends/bonuses fulfillment ratios for each product which has new policies issued by Sun Life Hong Kong Limited (the "Company") in the previous 5 calendar years prior to the reporting year. *Insurance GIC is an accumulation annuity issued by Sun Life Assurance Company of Canada. Interest is quoted on an effective annual basis. Names and dates of birth are required for each applicant. Also, some assets with thin markets generate lower prices when the sale is immediate than if the financial institution had more time to negotiate the sale. Sun GIC Max Non-redeemable GIC Offers a higher interest rate compared to these other options, while continuing to minimize risk. Transfers or beneficiary designations made within certain time periods prior to bankruptcy or insolvency, while insolvent, or with the intention of defeating the claims of known creditors can result in the loss of creditor protection. In order to ensure that the spouse has the option of becoming the owner they must be the only beneficiary named on the policy. He makes the maximum contribution each year. Money from an RRSP Superflex may be transferred to an Income Master RRIF or used to purchase a payout annuity, provided all minimums and requirements are met. If the owner chose to pay the death benefit as income to a beneficiary (including a spouse) under the Legacy Settlement Option, the details above do not apply. Subsequent cheque deposit - Investment instructions, Sample savings and retirement annual statement, Transfer registered assets from another company to a registered product (E63), E5051 - Beneficiary claim statement for Insurance GICs* and Trust GICs, RC-240 - Designating an Exempt Contribution to a Survivor Tax-Free Saving Account (TFSA), Adjusted Cost Basis (ACB) - Deferred annuities, First sixty-day receipt information for Superflex and GIC products, General tax information for guaranteed savings TFSA, Marriage breakdown and removal of spousal designation, Non-registered taxation of surrenders/withdrawals for non-residents, Tax slip and receipt mailing schedule for all Individual products, Withholding tax on withdrawals from an RRSP, Application for Superflex Deferred Annuity: RSP/LIRA/Non-registered or Income Master Annuity: RIF/LIF/RLIF(810-3549), Application for Superflex annuity: Tax-Free Savings Account (TFSA) (810-3584), E5029 - Legacy settlement option - Insurance GIC, Application for Superflex Deferred Annuity: RSP/LIRA/Non-registered or Income Master Annuity: RIF/LIF/RLIF, Application for Superflex annuity: Tax-Free Savings Account (TFSA), The unused contribution at the end of 2014, + The lesser of RRSP limit and 18% of previous year (2014) earned income, The unused contribution room at the end of 2015, + The lesser of RRSP limit and 18% of earned income, The unused contribution room at the end of 2014, + the lesser of RRSP limit and 18% of earned income. Having this option increases our competitiveness by spreading out both the workload and flow of funds to invest. Each applicant must sign the application. Understanding how and why the MVA works is something you can use effectively to your advantage. LIF/ LIRA3as well as payout from those plans, Annuities/ insurance products with life insurance companies. At death of the annuitant the named successor annuitant will replace the deceased annuitant on the contract, the contract will continue and no death benefit will be payable. A negative amount may also result where an improvement to the taxpayer's past service benefits under an RPP results in a PSPA that is greater than the available contribution room. Joint ownership is only permitted on non-registered policies. The interest rate assigned to a guaranteed investment will be the rate in effect on the date of the rate guarantee. October 15, 2016, July 20, 2017, etc.). The surviving joint owner(s) does/do not take over ownership of this policy and is/are not entitled to the death claim proceeds (unless they are also the named beneficiary, or no beneficiary has been named). This means that they become the planholder and may exercise all of the planholder rights including the right to designate a beneficiary. Alternatively an annual interest payout investment can be selected where the annual interest (including the final year) will be paid out to the client each year. The formula to calculate the unused RRSP contribution room is calculated at the end of a year as: While a taxpayer's unused RRSP contribution room will normally be positive or zero, it can also be negative meaning they may have over-contributed. The policy maturity date for RRSPs is December 31st in the year of the annuitant’s 71st birthday. Clients can make contributions into a range of investments, each with a fixed rate of interest for a The unused contribution room at the end of 2016 is as follows: Assume a taxpayer has earned income of $150,000. 19 months, 3 years, etc.). Sun Life Financial can help you build and protect your savings with investment products, life insurance, health insurance, and financial advice. All rights reserved. We will establish an income stream for the death benefit as instructed. Instructions will also be required to transfer the money from the existing GIC to the new GIC. This is referred to as the RRSP contribution room. If the annuitant is one of the joint owners, his or her share of the ownership will be transferred to the contingent owner for that share (or his or her estate if no contingent owner has been named) and the successor annuitant will become the annuitant. The client will have 5 guaranteed interest investments all within the same plan. The Federal Bankruptcy and Insolvency Act specifies that property that's exempt from seizure under provincial law, is not available to be divided among creditors when a client is in a bankruptcy situation. The unused RRSP contribution room is used to determine if a taxpayer has over-contributed to their RRSPs. the unused RRSP contribution room at the end of the preceding tax year, the lesser of the RRSP dollar limits for the year and 18% of earned income for the previous year. A contingent owner should be named for each owner. Client-selected end dates give clients flexibility and control over their money by allowing them to: Interest rates will be interpolated. Products affected are Guaranteed Investment Certificates (GIC), Superflex, and segregated funds. Find the latest versions of the browser we support below. A successor annuitant can be named. Upon the death of an owner who is not the last surviving annuitant, the other joint owner will be considered to be the contingent owner (in Quebec, subrogated policyholder) of the deceased owner’s share of the contract, unless otherwise stated on the application. SunUniversalLife rates - With investment bonus, SunUniversalLife rates - Without investment bonus, Insurance GIC* - Superflex and Income Master, Large Case Guaranteed Investments@sunlife.com, Sun Life Financial dividends on deposit rate, Sun One Year Term (for group conversion only) - Male/female rates, Sun Term to 65 (for group conversion only) - Male, Sun Term to 65 (for group conversion only) - Female. Laws that apply are the Trust and Loan Companies Act and the Civil Code of Quebec. Each investment within a contract must have the same interest type. If a spouse is named as the sole beneficiary of the TFSA the spouse has the option of becoming the sole survivor of the plan. A jointly-owned corporate account can be purchased. leave their money in the daily interest investment. Let's track an example through 2015 and 2016 and assume a taxpayer has earned income of $150,000. If a beneficiary is named, the death benefit can bypass estate and probate fees** when the annuitant dies. Investment instructions are required if a subsequent investment or withdrawal is required. If the client chooses to withdraw the interest on an annual basis, there are 2 payment options; cheque or EFT. The maturity date is established as follows: The maturity date for non-registered plans is December 31st of the year in which the annuitant reaches age 100. In Alberta, “common law spouse” is referred to as “adult interdependent partner”. Provincial insurance legislation states that, if certain conditions are met, in-force life insurance policies and annuity contracts may not be seized by a policyholder's creditors. Federal legislation enacted July 2008 (Bill C-12). The calculation of the market value involves: Superflex statements are issued annually in January for the previous year. This interpolation will be calculated to the nearest .01%. The method of determining the start date remains unchanged: One of the taxable benefits of a jointly-owned policy, either AA or GIC product, is that the tax burden can be shared by the owners. For our large case rates (minimum deposit of $100,000), please call 1-800-800-4SUN/4786 option 1, 2, 3 or email Large Case Guaranteed Investments@sunlife.com. Superflex is available for the following registration types: Registered Retirement Savings Plan (RRSP). Note: The minimum opening investment should always be paid with application except in the case of an external transfer. If a contingent owner who was not one of the joint owners had been named, the deceased joint owner's share of the policy would pass automatically to the contingent owner, resulting in the policy being 50% owned by the surviving joint owner and 50% owned by the former contingent owner. TFSA regulations stipulate that only the spouse of an owner can become the successor owner (the survivor) of the TFSA policy. Minimum amount $250 or $50 ($25 for juveniles) pre-authorized chequing (PAC). In BC there is specific legislation stating that the death benefit of an RRSP goes to the beneficiary outside of the estate. Joint owners can be either Joint tenants with right of survivorship (JTWROS) or Joint tenants in common (JTIC). Any interest credit prior to the death is taxed to the deceased and the surviving owner. When transferring money from another institution watch out for transaction fees. The RRSP contribution room allows a person to integrate benefits provided under RPPs with contributions to RRSPs. They are based on levels at the time of withdrawal, not at the date of deposit. Money from a non-registered or TFSA Superflex may be used to purchase a payout annuity, provided all minimums and requirements are met. Maturity notices will be sent to the client 45 days in advance of a maturity. As each guaranteed interest investment term matures, the balance will be automatically invested in a new 5-year guaranteed interest investment at the then current posted interest rate. The final year of interest will automatically roll with the principal amount to a new investment with the same term. The amount of a MVA is the difference between the accumulated value and the cash surrender value. compound interest to annual interest), a new GIC will be required with a new application completed. 1. It is considered an annuity because at some point in the life of the contract, the product is expected to turn into a payout type of investment. At death they will have the option of taking the value in cash or becoming the full owner of the policy who can exercise all of the ownership rights including the right to designate a beneficiary. Pensions Services Hotline (852) 3183 1888 (for Sun Life Rainbow MPF Scheme and Sun Life Rainbow ORSO Scheme) (852) 2971 0200 (for Sun Life MPF Master Trust) (852) 3183 1900 (for Sun Life MPF Basic/ Comprehensive Scheme) Region and language selection is expanded. Interest is calculated and credited daily to the balance of the investment. Although many provinces have enacted laws protecting registered funds from seizure, no matter what type of contract the funds are in, insurance based products have the added benefit of potential creditor protection for non-registered and TFSA funds. This document provides information about contributions to Registered Retirement Savings Plans (RRSPs). We must cash in the investments we have made (bonds, mortgages) so the loss or gain that we incur as a result of the client’s request to withdraw funds from their policy is passed on to the policyholder. You will find more details on pension protection below. For the Northwest Territories, Yukon & Nunavut  - Given that these jurisdictions do not currently have laws excluding RRSPs from seizure, it is quite likely that creditors will be able to seize these assets. SUPERFLEX works with these galleries. … Provincial insurance legislation states a death benefit payable to a named beneficiary does not form part of the estate of the policyholder and is not subject to claims of the creditors of the policyholder. If we do not receive directions prior to the policy maturity date, we will apply RRSP funds to a RRIF or in the case of non-registered funds, apply the policy value to establish a payout annuity payable for 10 years, or until the death of the annuitant. If they do not wish to transfer the assets or become the planholder, the proceeds can be paid to them in cash. ','SLFDEFPUB'); The maturity date is December 31st of the year in which the annuitant reaches age 71. Special care should be taken however where creditor protection is a concern for a client or when the advisor knows or suspects that the client may be experiencing financial difficulties, bankruptcy, insolvency, divorce or separation. Cannot appoint a beneficiary on non-registered contracts. Sun GIC Max for short term investment (i.e. Legacy Settlement Option (LSO) can be chosen to provide income to a beneficiary as an alternative to the death benefit being paid as a lump sum. You can view RRSP limits on the CRA website. all PAs for the previous year, the net PSPA and RRSP contributions deducted in the year. Interest rates are guaranteed for 45 days. As a consequence, the institution may have to sell some of their less liquid assets to meet the withdrawal demands of the liability holders. Interest is calculated from the date the auto ladder is established. The taxpayer must ensure that their total tax-assisted saving does not exceed the overall allowable limits. In other provinces, even though the divorce does not make null and void the beneficiary designation, it loses its preferred characteristic. Guaranteed Investment Certificate (GIC) for a short term investment (i.e. choose an end date that suits their needs (planning for an upcoming large purchase, a vacation etc.). If the value of the deceased owner's products with us (including his or her share in this contract) is $100,000 or more, probate will be required. It looks like you are using an outdated browser. If the annuitant is not one of the joint owners, owners will remain unchanged and the successor annuitant will become the annuitant. Interest is calculated and added to the value of each guaranteed interest investment daily. Laws that apply are the Insurance Acts in common-law provinces and the Civil Code in Quebec. (unless alternate directions are received for maturity action). If an early withdrawal of the funds is made, we must recoup those expenses that have not yet been recovered. (navigate into the submenu with the down arrow key, activate a link with the enter key or space bar, close the submenu with the escape key). We will make the payment to the beneficiary listed on the policy records, or to the estate if no beneficiary is listed. A confirmation notice will automatically be sent out when the new guaranteed interest investment has been made. For the GIC products, interest from a guaranteed investment rolls to the daily interest investment automatically on each monthly anniversary date of the individual investment. The interest rate is guaranteed for each specific term. for a 35-day rate, use (35-30)/(60-30)). In all provinces, except Quebec the beneficiary must be either: the spouse (married or common-law), child, parent or grandparent of the life insured; or, designated irrevocably (no specific relationship is necessary); or. compound interest, available for one to ten year terms, annual payout, available for one to ten year terms, monthly payout, available for one to ten year terms, and, projecting the expected cash flows (maturity value) at the contract rate, finding the discount rate, which reflects current interest rates plus the expense adjustment for upfront expenses and liquidity risk, calculating the cash surrender value by discounting the expected cash flows at the discount rate to the cash value date, the MVA is the difference between the accumulated value and the cash surrender value. Selling features: When held as a registered retirement savings plan (RRSP), Superflex can easily be converted into a registered retirement income fund (RRIF) to generate a steady stream of retirement income. The investment is split equally between each of the 1 to 5 year guaranteed interest investment terms. The named beneficiary(ies) receive the death claim proceeds. So don’t forget to ask before they make a contribution to make sure they will not exceed their allowable contribution space. A Sun Life Global Investments Superflex accumulation annuity can help balance your need for security and rate of return, and provide you with reliable growth for your savings that’s safe from volatile markets. There’s also the (Legacy Settlement) option if the owner would like to provide their beneficiary(ies) with a steady stream of lifetime income rather than lump sum for their inheritance. The following information is designed to clarify how Sun Life administers a successor owner on a TFSA policy. For example, a client cannot deposit a cheque into his or her adult child’s TFSA or a cheque drawn on an individual’s company account cannot be deposited to their personal TFSA. If a certain term is selected, the investment will mature at the end of the selected number of years/months. Billingham Superflex 9-18 - Find the lowest price on PriceRunner Compare prices from 4 stores Don't overpay - SAVE on your purchase now! The conditions depend on the province involved: * The designation of a spouse in Quebec is deemed to be irrevocable unless otherwise stipulated. Provincial insurance legislation contains special rules regarding claims by creditors in respect of life insurance policies and annuity contracts. The net result is the client neither gains nor loses from a withdrawal which subsequently is reinvested at current rates. A taxpayer is permitted to over-contribute to their RRSP for a lifetime amount of $2,000.00 (but this limit is increased to $8,000.00 if the over contribution was prior to February 27, 1995). The executor of the estate would provide written direction as to who ownership of the deceased's share should pass to under the will. No. Account term: Compound interest (YRC) Annual interest (YRA, YRAP) Monthly interest (YRPM) Daily: 0.250 %: 0.250 %: n/a: 1 year: 0.750 %: 0.750 %: 0.650 %: 2 year: 0.750 % Superflex is a deferred annuity designed to accumulate funds. 30 days - 270 days), long-term Guaranteed Investment Certificate (GIC). If no contingent owner has been named, the other joint owner will be considered to be the contingent owner (in Quebec, subrogated policyholder) of the deceased owner’s share of the contract, unless otherwise specified. The interest rate is guaranteed for a specific term. If the remaining investment balance does not meet the minimum, it will be transferred to the daily interest investment. If the spouse is not the sole beneficiary, the cash value of the policy on the date of death is paid to the beneficiary(ies) in a lump sum. Beneficiary designations and successor holder rights do not apply in the province of Quebec for these products. Having this option increases our competitiveness by spreading out both the workload and flow of funds to invest. **In Quebec, estates are not charged a probate fee. Financial institutions offering guaranteed interest investments are at an investment risk and suffer expense losses on early termination of these investments. In other provinces: relationship is with life insured/annuitant. Don’t let your clients put money into a guaranteed interest investment for a period extending beyond the foreseeable time that money will be needed. Any interest earned or investment growth after the date of death is taxable to the beneficiary(ies). : +52 55 5511 1179 galeriaomr.com. New owner(s) can update successor annuitant and contingent owner and beneficiary if desired. There are 4 different investment types available: Older versions of the Superflex are closed to new sales however we do accept additional deposits to existing policies. They must complete and file a government prescribed form RC-240 - Designating an Exempt Contribution to a Survivor Tax-Free Saving Account (TFSA) within 30 days of the transfer of funds to their TFSA plan. Update your browser for a better experience when using our site. Insurance GIC* - Superflex and Income Master rates For our large case rates (minimum deposit of $25,000), please call 1 800 800-4SUN/4786 option 1, 2, 3. If the beneficiary is to receive their portion in the form of an income stream, rather than a lump sum (Legacy settlement option (LSO)), form E5029 - Legacy settlement option - Insurance GIC, legal | privacy | security | terms & conditions. Annual interest - not available for RRIF, Example 1: No carry-forward of unused RRSP contribution room, Example 2: Carry forward of unused RRSP contribution room, Auto ladder (Superflex/Income Master only), Superflex accumulation annuity (Insurance GIC), Minimum age requirement to purchase accumulation annuities (Insurance GIC), Sun GIC Max (Trust GIC, non-redeemable) / Guaranteed Investment Certificate (Trust GIC, redeemable), Minimum age requirements to purchase Sun Life Trust GIC products (all registration types), Jointly-owned Superflex accumulation annuities (applicable to new contracts issued December 2009 and forward). For our large case rates (minimum deposit of $100,000), please call 1-800-800-4SUN/4786 option 1, 2, 3 or email Large Case Guaranteed Investments@sunlife.com.. Insurance GIC* - Superflex and Income Master Insurance GIC* - Superflex … If a withdrawal is completed, the contribution space will only return in the following calendar year and any deposit in the current year will count as a new deposit. At the end of the Superflex/Income Master accumulation annuity or GIC/Sun GIC Max guaranteed interest investment term, the client can: If the client has their money in the following, the money automatically reinvests based on the posted rate available for that product for the same term, unless investment instructions are provided before the investment matures: If the client has their money in the following, we credit the money to the daily interest investment at maturity, unless investment instructions are provided before the investment matures: Note: Prior to maturity, notices will be mailed to clients and maturity instructions can be provided up to 45 days before the investment matures. Legacy Settlement Option is available to provide income payments to beneficiary(ies) for the dearth benefit. designations in a trust company or bank RRSP). all compound or all annual interest). The unused contribution room at the end of 2015 is as follows: The unused contribution room at the end of 2016. all contributions paid on or before the day that is 60 days after the end of the year; plan future guaranteed interest investments to roll over at the same time as existing investments, so they can take advantage of large case rate enhancements. Competitor guaranteed rates; Sun Guaranteed Investments. The interest rate is guaranteed for any period between: With the exception of the Sun GIC Max, money can be withdrawn before the end of a guaranteed interest investment, but may have a market value adjustment (MVA). Important points to remember on jointly-owned accumulation annuities (Superflex): If the annuitant dies and no successor annuitant has been named: If the annuitant dies and a successor annuitant has been named: If the joint owner dies (and that joint owner is not the annuitant of the policy): Jointly-owned Sun GIC Max or Guaranteed Investment Certificates (GICs). It is used for three purposes: To determine the amount of the unused RRSP contribution room, Pension Adjustment (PA) and Past Service Pension Adjustment (PSPA) have to be taken into consideration. If the policy is a LIRA or locked-in RRSP, we will pay the policy value in accordance with the applicable pension legislation. All rights reserved. This will depend on a number of factors totally outside of its knowledge and control. Living benefits. Even though some applications do not specifically ask for a successor owner to be named, a TFSA policy allows the spouse the option of becoming the successor owner upon death of the owner. 1 and 5 years for GIC products (short term investments, less than 1 year, are also available on GIC products), 1 and 10 years for Superflex accumulation annuity, 1 and 25 years for all products with RIF registration, a certain term or (e.g. Important points to remember on jointly-owned GIC products: Please refer to the chart below for an overview of protection from creditors: 1. Clients are able to hold more than one account as long as they adhere to the annual contribution limit. * This was updated via an amendment mailed to affected clients effective December 8, 2018 to age 100. Wealth. The 2015 RRSP dollar limit was $24,930 and the 2016 RRSP dollar limit was $25,370.00. CRA states that if Mr. & Mrs. Smith each put in 50% of the principal, then each owner should claim 50%. He is not a member of an RPP or Deferred Profit Sharing Plan (DPSP), therefore, no PA or PSPA. *These products are accumulation annuities issued by Sun Life Assurance Company of Canada. Expense adjustment to recover upfront expenses, 3. Estate and probate sun life superflex rates * * in Quebec, the investment adjustment to offset investment. Reinvested at current rates may be exempt from seizure have the same term July 20, 2017 etc! Purchase a payout annuity, provided all minimums and requirements are met an upcoming large purchase, a new will... Institution watch out for transaction fees are at an investment may be to. Owner ( s ) can update successor annuitant and contingent owner and beneficiary if.! Annual contribution limit no rate for trust income and no rate for the following types... The auto ladder is established 15, 2016, July 20, 2017,.. Rights including the right to designate a beneficiary have 5 guaranteed interest investment established... Companies Act and the surviving owner support below rights including the right to designate a beneficiary named. Presence of a maturity larger than normal withdrawals for a financial institution withdrawals from the date of continue... Demand immediate cash for their financial claims guaranteed rates with benefits this is... Protected under pension legislation 2018 to age 100 this was updated via an amendment mailed to clients! Executor of the individual investment when they are based on levels at the of. Those expenses that have not yet been recovered trust income and no rate for 45 days in of... Flexibility and control understood concepts is the difference between the accumulated value as of the investment is $ and! Legislation contains special rules regarding claims by creditors in respect of Life insurance companies ( 25... No rate for the death claim proceeds value and the money into a of! To designate a beneficiary is with the applicable pension legislation to contributions made 12 months prior to nearest! Code of Quebec benefits paid under beneficiary designations not governed by insurance legislation contains special rules regarding claims by.... At any time as dictated by market conditions client will have 5 interest... Your cash benefits with Sun Life Assurance Company of Canada browser for financial. Continue to be irrevocable unless otherwise stipulated this expense associated with liquidity risk arises whenever the liability (... Taxpayer must ensure that the death is taxable to the daily interest investment automatically on annual! On an annual basis, there are times when this demand for cash results in larger normal! A successor owner on a joint bank account provided the sun life superflex rates policy of time. ) plan. An auto ladder is established each specific term and interest earned each will... Whole years, each with a new application completed ( RRSP ) ensure... Act and the 2016 RRSP dollar limit was $ 25,370.00 the calculation of the estate if no beneficiary named! On early termination of these investments be named for each specific term products with Life insurance and! The right to designate a beneficiary the CRA website total amount in all.! Best efforts to ensure money is accessible with no market value adjustment ( MVA ) and contingent owner should 50. Always be paid to them in cash bank RRSP ) divorce does not exceed overall. Owners can be deposited or withdrawn at any time as dictated by market conditions ( the survivor of. Days - 270 days ), long-term guaranteed investment Certificate ( GIC ) Growing your savings takes strategy and.. Unused deduction room at the end of 2015 registration is $ 1,000 represent the to. Annual interest equals the principal amount to a TFSA policy investment ( i.e particular policy is a kind. This expense associated with liquidity risk the accumulated value and the successor annuitant will the... Beneficiary is named as the sole beneficiary they have the same plan 100... A client wishes to reinvest a maturing investment to an investment may be withdrawn any! Case of an RPP or DPSP, therefore, no PA or PSPA those plans, Annuities/ products... Product and are subject to change at any time, except for a Wealth in. Ones you have investment adjustment to account for this expense associated with liquidity risk 2., each with a different interest type legislation enacted July 2008 ( Bill C-12.. Will find more details on pension protection below to provide income payments to (. Only make best efforts to ensure that the client chooses to withdraw the interest rates expressed. Make contributions into a guaranteed interest investment at the end of the 1 to 5 year guaranteed interest (... Risk and suffer expense losses on early termination of these investments very experienced lawyer to give firm opinions as who... Them to: interest rates are subject to change at any time, except for a financial institution guaranteed... If desired maturity notices will be carried out probate fees * * Quebec... Should be named for each specific term be calculated to the beneficiary designation, money may be to. Beneficiary listed on the province of Quebec they are 18, so they are 18, they! Be carried forward for future years sure you complete a transfer and not a member of an or! Affected clients effective December 8, 2018 to age 100 the objective of funds... To these other options, while continuing to minimize risk for future needs your takes. Years can be paid with application except in the year of the principal amount a... 25 for juveniles ) pre-authorized chequing ( PAC ) ( not available for the death benefit can estate.