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Guaranteed Minimum Withdrawal Benefit Plans (GMWB) * These plans available from several life insurance companies (e.g. Sunwise Elite from Sun Life, Income Plus from Manulife) offer immediate benefits of a five per cent guaranteed income as well as traditional death and maturity guarantees provided by segregated funds. For those not requiring an income yet, the five per cent guarantee amount is added to the investment account balance (referred to as the guaranteed withdrawal balance) regardless of market volatility. Contact us for more information and to clearly understand the pros and cons of this product. * Subject to any applicable death and maturity guarantees, any amount that is allocated to a segregated fund is invested at the risk of the contract holder and may increase or decrease in value. Tax-Free Savings Accounts (TFSA) Effective January 1, 2009, every Canadian resident age 18 and over can open up a TFSA at our office or any financial institution, deposit up to $5,000 per year, invest that money in a variety of eligible investments, and avoid paying any tax on future growth or income earned within the account. Contact us to discuss strategies to make the most of this tax-advantaged investment program over the long term.
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