Retirement Savings Plans
After the family home and car, most of the average Canadian's net worth is in their pension and retirement savings plans. In fact, the value of most RRSPs is higher than the price of the car, but they often get less attention.
Consolidating retirement savings and investments in an RRSP with B2B Bank Dealer Services makes it easier to see and manage this important asset. A single account means simplified contribution and tax reporting, comprehensive statements and a clearer view of asset allocation. Plus, we offer the convenience of online access so both investor and advisor can monitor the performance of the portfolio and make adjustments according to changing markets and retirement goals.
With a B2B Bank Dealer Services RRSP an RRSP investor can:
- Consolidate cash, GIC, mutual funds, securities and even self-directed mortgages in one retirement savings account
- Make convenient annual, or one-time contributions into a single account
- Invest regular, pre-authorized contributions into one or more mutual funds on a weekly, bi-weekly, semi-monthly or monthly basis
- Access the account and review balance and transaction information anytime, plus
- Receive comprehensive quarterly statements showing all investments and transactions, and
- Elect to receive statements electronically by email
Individual, Spousal, Locked-in and Group RRSP account options are available through B2B Bank Dealer Services.
Unused RRSP Contribution Room?
On average, Canadians don't contribute the maximum allowable amount to their RRSPs each year. As a result, most employees have significant amounts of unused contribution room. Short term borrowing to finance current and past years' RRSP contribution room, to maximize RRSP income tax deductions, can be a good strategy to build wealth and ensure sufficient savings at retirement.
Employees who change jobs often have accrued pension benefits that can be transferred into a locked-in plan. Locked-in plans differ from regular RRSPs by restricting access to the funds to ensure they will be used to fund a retirement income.
- Because pension plans may be federally or provincially regulated there are a number of similar locked-in plans including Locked-in RRSPs, Locked-in Retirement Accounts (LIRAs) and Restricted Locked-in RSPs, though the rules governing these plans are largely the same.