Commonwealth represents Canada’s leading investment firms. Our conservative approach is designed for growth over the long term. If you are looking for a “quick buck” we’re not your place. Every investment we recommend will come with principle (estate) guarantees. Some guarantees are 75%. Some guarantees are 100%.
Simple and easy. Chequing and savings account are a guaranteed way to earn interest in your day-to-day money.
If you can lock your money away for a year or more, and don’t want any risk, Guaranteed Investment Certificates might be perfect for you.
Segregated funds (and mutual funds) are managed by professional fund managers. Some are very conversative. Some are more aggressive. Segregated funds come with guarantees. Mutual funds to do not.
A Registered Retirement Savings Plan (RRSP) is savings plan that is registered with the federal government. RRSP contributions (up to a maximum amount) can be used to reduce your taxable income and thereby decreases the taxes you pay each year. Even better, the growth inside your RRSP is tax-free.
A Registered Retirement Income Fund (RRIF) is an arrangement between you and a carrier (insurance company, trust company or bank) that is registered with the federal government. You transfer money to your RRIF carrier from an RRSP, PRPP, RPP or from another RRIF, and the carrier makes payments to you, There is a minimum amount that must be paid to you each year. There is no maximum.
A Registered Education Savings Plan (RESP) is a contract between an individual (the subscriber) and a financial institution. Under the contract, the subscriber names one or more beneficiaries (the future student) and agrees to make contributions for the, and the financial institution agrees to pay Educational Assistance Payments (EAPs) to the beneficiaries. Family plans allow subscribers to name more than one beneficiary. Each beneficiary must be connected by blood relationship or adoption to each subscriber. The monies can be invested in a wide variety of options including cash, GIC’s, and/or investment funds.
Tax Free Savings Accounts (TFSA) began in 2009. It is a way for individuals to save money on a tax-free basis. Unliked RRSP’s, TFSA’s are not tax deductible, however the money that you earn inside your TFSA is tax-free when it is withdrawn. TFSA's can be invested in most kinds of investments including: stocks, bonds, funds or cash.