Clients may want to check with the relinquishing institution to confirm whether or not a fee will apply. Interest is calculated and credited daily to the balance of the investment. The unused contribution room at the end of 2016 is as follows: Assume a taxpayer has earned income of $150,000. Money can be deposited or withdrawn at any time. The money is accessible with no market value adjustment (MVA). In Quebec the beneficiary must be either: the spouse of the policyholder (married or civil union), or an ascendant or descendent of the policyholder, or. A rate guarantee may be used to guarantee the current interest rate for 45 days. Pre-authorized chequing (PAC) (not available on GIC products). They are based on levels at the time of withdrawal, not at the date of deposit. The law in this area is inconsistent and is continuing to evolve. These expense adjustments can vary by product and are subject to change. Wealth. 30 days - 270 days). Sun GIC Max Non-redeemable GIC Offers a higher interest rate compared to these other options, while continuing to minimize risk. Regardless of the interest type selected, each product offers: * This product is an accumulation annuity issued by Sun Life Assurance Company of Canada. Joint ownership is only permitted on non-registered policies. Legacy Settlement Option is available to provide income payments to beneficiary(ies) for the dearth benefit. Joint ownership is only permitted on non-registered contracts. 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. He is not a member of an RPP or DPSP, therefore, has no PA or PSPA. (unless alternate directions are received for maturity action). In such cases, a rate of 15% may apply on estate income (rather that the maximum Canadian withholding tax rate of 25%) because in some circumstances a trust indicates an estate. 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. 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. Clients are able to hold more than one account as long as they adhere to the annual contribution limit. Any interest credit prior to the death is taxed to the deceased and the surviving owner. The policy value on any date will be the total amount in all investments on that date, including accrued interest. choose any length of investment as follows: RRIF registrations - between 1 and 25 years, Superflex annuity - between 1 and 10 years, #days = number of days into the non-even year. Interpolation is calculated to the nearest .01%. © Sun Life Assurance Company of Canada. One of the least understood concepts is the MVA. SUPERFLEX works with these galleries. reinvest their money in a new guaranteed interest investment at the then current interest rate for the selected term. If an early withdrawal of the funds is made, we must recoup those expenses that have not yet been recovered. 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. This document provides information about contributions to Registered Retirement Savings Plans (RRSPs). The unused deduction room at the end of 2015. TFSA regulations stipulate that only the spouse of an owner can become the successor owner (the survivor) of the TFSA policy. If the rate indicated below for estate or trust income is 15% or 25%. If the policy is a LIRA or locked-in RRSP, we will pay the policy value in accordance with the applicable pension legislation. : +52 55 5511 1179 galeriaomr.com. * It allows a Client to accumulate and reinvest earnings on their investments at guaranteed rates. For GIC products with terms of greater than a year, interest and principal from a guaranteed investment roll to the daily interest investment automatically. The unused RRSP contribution room limits the improvements that may be made to the past service benefits of a taxpayer under a Registered Pension Plan (RPP). The unused RRSP contribution room measures the amount of RRSP contribution that can be carried forward for future years. 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 objective of the investment adjustment is to compensate for current interest rates being different than the contract rate. The minimum required to open a guaranteed interest product with RIF registration is $5000. Products affected are Guaranteed Investment Certificates (GIC), Superflex, and segregated funds. Earn dividends from your plan which you may use to increase your insurance coverage, pay for future premiums, leave with Sun Life to accumulate, or receive in cash. It’s important your clients compare these adjustments when comparing the guaranteed interest investments of financial institutions. The minimum amount for an investment is $1000 for compound interest plans and $5000 for annual or monthly payout plans. A confirmation notice will automatically be sent out when the new guaranteed interest investment has been made. If they do not wish to transfer the assets or become the planholder, the proceeds can be paid to them in cash. 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. *These products are accumulation annuities issued by Sun Life Assurance Company of Canada. 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. Sun GIC Max for short term investment (i.e. In order to ensure that the spouse has the option of becoming the owner they must be the only beneficiary named on the policy. Pay the accumulated value as of the date of death. If the client chooses to withdraw the interest on a monthly basis, electronic funds transfer (EFT) will be used to transfer the amount to the client's bank account. Provincial insurance legislation contains special rules regarding claims by creditors in respect of life insurance policies and annuity contracts. Note: The minimum opening investment should always be paid with application except in the case of an external transfer. If the annuitant is not one of the joint owners, owners will remain unchanged and the successor annuitant will become the annuitant. If a guaranteed interest investment is terminated before its end date, the investment is subject to MVA. The final year of interest will automatically roll with the principal amount to a new investment with the same term. 19 months, 3 years, etc.). This does not apply to a LIRA, as the value may only be paid out according to the rules of the governing pension legislation. This means that they become the planholder and may exercise all of the planholder rights including the right to designate a beneficiary. This will depend on a number of factors totally outside of its knowledge and control. 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 example, in Quebec, since 1982 the divorce makes null and void the beneficiary designation, but this is not the case in other provinces. 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). 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. Any interest credited after the date of death is taxed to the surviving owner. The client can have several guaranteed interest investments all within the same plan. After interest is added to the investment each day, the combined sum continues to earn the same rate as the original principal for the duration of the guaranteed investment. If a contingent owner who is the surviving joint owner has been named, the deceased joint owner's share of the policy would pass automatically to the surviving joint owner, resulting in the policy being owned 100% by the surviving owner. These expenses are normally recovered on an annual basis throughout the duration of the contract. choose an end date that suits their needs (planning for an upcoming large purchase, a vacation etc.). Any interest earned after the date of death is taxable to the surviving spouse in this case. 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. The amount of interest earned each month will equal 1/12th the annual interest. You may also choose to leave your cash benefits with Sun Life to accumulate and be available for future needs. There are exceptions to non-seizability : garnishments by Federal Government, debt for family support, family patrimony, fraudulent acts with respect to bankruptcy. The annual interest equals the principal multiplied by the applicable interest rate. Any interest credited after the date of death is taxed to the Estate of the deceased and the surviving owner. The RRSP contribution room allows a person to integrate benefits provided under RPPs with contributions to RRSPs. 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. Maximize household deposits - spouses can give each other money to contribute to each other’s TFSA without affecting their contribution room. All rights reserved. If the spouse chooses not to become the planholder they may choose to transfer any or all of the assets to their own TFSA. Superflex is a deferred annuity designed to accumulate funds. 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. In all provinces/territories creditor protection does not apply to contributions made 12 months prior to bankruptcy. He makes the maximum contribution each year. 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. 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. As a consequence, the institution may have to sell some of their less liquid assets to meet the withdrawal demands of the liability holders. Both the contract and pension money payments are creditor protected under pension legislation. a preferred beneficiary under the pre-1962 legislation. 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. AccessDenied('More information is available under Process for maturing non-registered and TFSA guaranteed savings annuities. There are a variety of other circumstances in which a life insurance policy or annuity contract may have even greater protection from creditors: Creditor protection available under provincial insurance legislation can be lost in a variety of circumstances. 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. With proper beneficiary designation, money may be exempt from seizure by creditors. 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. all PAs for the previous year, the net PSPA and RRSP contributions deducted in the year. Successor annuitant option is available on non-registered policies. Liquidity risk arises whenever the liability holders (clients) demand immediate cash for their financial claims. 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. compound interest to annual interest), a new GIC will be required with a new application completed. The client must specify from which investment we are to take the withdrawal. 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. The following information is designed to clarify how Sun Life administers a successor owner on a TFSA policy. If the policy is a LIRA or locked-in RRSP, we will pay the policy value in accordance with the applicable pension legislation. Interest is calculated from the date the auto ladder is established. On the other hand there have been other recent cases, not involving bankruptcy, where the courts have upheld transfers of funds to protected annuity policies, made shortly before a court order was made declaring that the policyholder owed a large sum of money. Guarantees an interest rate over a fixed period of time. If the amount of the monthly annuity payment is less than the amount of our minimum required annuity payment, we have the right to pay the total sum to the owner instead of applying the policy value to provide a payout annuity. This applies to the following individual guaranteed TFSA policies available at Sun Life: Multiple beneficiaries may also transfer their portion intact into new or existing individual non-registered Superfelx policies provided the transferred amounts meet product minimums. You can view RRSP limits on the CRA website. This transfer will not affect their contribution room as long as they elect this option before the end of the year following the year of death. ','SLFDEFPUB'); The maturity date is December 31st of the year in which the annuitant reaches age 71. Divorce does not have the same effects in all provinces. The investment is split equally between each of the 1 to 5 year guaranteed interest investment terms. Be sure to use, Maintaining the investment without a market value adjustment, The beneficiary transfers the investments to their own new or existing Superflex by signing and completing part C of form, If a successor annuitant exists (not applicable to TFSA). Interest rates are guaranteed for 45 days. The policy maturity date for non-registered contracts is December 31st in the year of the annuitant’s 90th* birthday. Client-selected end dates (CSED), available on all Sun Life guaranteed interest products available for sale, allow clients to select the end dates on their guaranteed interest investments. Confirmation statements will be sent to the client to confirm a new deposit or reinvestment of a matured investment. New owner(s) can update successor annuitant and contingent owner and beneficiary if desired. In other provinces, even though the divorce does not make null and void the beneficiary designation, it loses its preferred characteristic. The expense adjustments represent the adjustment to the interest rates used in determining the cash value. Names and dates of birth are required for each applicant. Click this button to collapse it. We recommend that clients be referred to their own lawyers for specific legal advice. 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. Instructions will also be required to transfer the money from the existing GIC to the new GIC. The expense adjustment is used to recover the expenses incurred when the contract is issued such as selling and administrative expenses. Upon the death of the annuitant and receipt of satisfactory proof, we will pay the policy value in effect on the date of death. Having this option increases our competitiveness by spreading out both the workload and flow of funds to invest. 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). Important points to remember on jointly-owned GIC products: Please refer to the chart below for an overview of protection from creditors: 1. A jointly-owned corporate account can be purchased. 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. Laws that apply are the Insurance Acts in common-law provinces and the Civil Code in Quebec. 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. Interest is quoted on an effective annual basis. The death benefit is not subject to an MVA calculation. A successor annuitant can be named. 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. 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. All or part of an investment may be withdrawn at any time, except for a LIRA or Locked-in RRSP. He is not a member of an RPP or Deferred Profit Sharing Plan (DPSP), therefore, no PA or PSPA. Nils Stærk Glentevej 49 DK-2400 Copenhagen Denmark Tel: +45 3254 4562 Fax:+45 3254 4526 nilsstaerk.dk OMR Córdoba 110 Roma Norte Mexico City D.F., 06700 Mexico Tel. Cannot appoint a beneficiary on non-registered contracts. No. Financial institutions offering guaranteed interest investments are at an investment risk and suffer expense losses on early termination of these investments. Competitor guaranteed rates; Sun Guaranteed Investments. The policy maturity date for RRSPs is December 31st in the year of the annuitant’s 71st birthday. 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. Target client profiles: Superflex can help balance your clients need for security and rate of return, to provide them with reliable growth while keeping it safe from volatile markets. 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. Guaranteed Investment Certificate (GIC) for a short term investment (i.e. Interest rates are subject to change at any time as dictated by market conditions. If a beneficiary is named, the death benefit can bypass estate and probate fees** when the annuitant dies. Superflex accumulation annuity (Insurance GIC) Growing your savings takes strategy and patience. 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. 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. 30 days - 270 days), long-term Guaranteed Investment Certificate (GIC). In a province where the legal age to enter a contract is 19? Each applicant must sign the application. 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. The tax slip is issued to both owners, and it is between the clients and CRA, who claims the interest. The contribution room counts when they are 18, so they are eligible to deposit double in their first year. 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. Investments within a Superflex policy automatically renew to the same term at maturity. Therefore, MVAs are necessary to ensure money is not lost. Except voluntary contributions in certain provinces. If the client chooses to withdraw the interest on an annual basis, there are 2 payment options; cheque or EFT. 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