When purchasing a GIC through West Corner Financial, we are serving as registered deposit brokers, and instead of purchasing an “In-house” product, we are sourcing rates from our large network of banks and credit unions.. We serve as a way to connect you with the top banks or credit unions to find you the best rates, and we are able to cast a wider net to access banks and credit unions across Ontario and the rest of Canada

Are your GIC’s guaranteed.

Yes - Every GIC that we offer is covered by various federally or provincially regulated deposit insurance programs, including but not limited to the CDIC (Banks) or FSRA (Credit Unions)

What are the guarantee Maximums?

CDIC coverage covers deposits up to $100,000, and FSRA up to $250,000. This will include principal AND interest. See links below:

Protecting your deposits - cdic.ca

Deposit insurance overview | Financial Services Regulatory Authority of Ontario (fsrao.ca)

What if my investment is over the eligible guaranteed amount?

Because we have access to over 100 banks and credit unions, we can easily work with our clients to find the best way to separate the investment between different institutions to obtain the highest rate, while ensuring that the investment remains guaranteed.

Should I purchase a GIC in a TFSA or in a non-registered account?

GIC’s within a TFSA may have a lower rate, but after tax, it may be beneficial to earn slightly less tax free interest rate, instead of paying tax on a higher rate. We can help you to determine if this is beneficial for your situation.

(There are other tax and estate planning benefits of holding a GIC within a TFSA to structure a low-risk and guaranteed portion of your estate plan.)

Investments that are handled by professional money managers who select their investments on the basis of objectives ranging from growth, producing income, or preserving capital.

These managers choose individual investments within the portfolio by meeting with the companies that they invest in and utilizing their teams of analysts to determine the best risk/reward weighted investment opportunities.

These funds traditionally cater to a longer term investor, and can offer the potential higher return on investment based on the level of risk that the investor is willing to take. With thousands of options available, portfolios are designed to meet the goals and objectives of the investor, while staying within the investors preferred risk level.

We strive to have a strong understanding of the managers and follow each manager by following performance, reading related material, or meeting with the managers personally. We avoid chasing daily returns, “hot” managers with short term success or fad investments like bitcoin and pot stocks. Instead we focus on managers that are consistent, focused and disciplined and have demonstrated success over the full life of market cycles.

Introduced in 2009 by the federal Government, the Tax Free Savings Account is a valuable tax sheltered savings vehicle. This allows for investments to grow tax free, and to be withdrawn from the account without experiencing a tax obligation.

For investors that were 18 years or older in 2009 there is a current limit of $109,000 that can be held within a TFSA. Originally advertised around “savings accounts” they can be better utilized in mutual funds that offer increased growth opportunities, or GIC’s that offer an unfavourable form of taxation.

The annual limit increases each year which is tied to inflation, and because it is a registered account, one has the ability to name beneficiary, avoiding probate and aiding in the estate planning process.

These investments can be withdrawn at any time, and can be reinvested in the following year, as opposed to RRSP’s in which withdrawals decrease contribution limit permanently. These accounts can serve as an excellent tool for shorter term savings, or part of longer term legacy planning.

The most common form of retirement savings, the RRSP is a tax deductible savings vehicle which allows the investor to contribute in their working years, and defer the taxes on the investment until retirement when their income tax bracket is expected to be lower. The investments are able to grow tax free until they are redeemed at a later date.

Traditionally used for retirement savings, RRSP’s tend to be a longer term investment, however can be utilized for purchasing a home with the First Time Home Buyers Plan, or to fund education through the Lifelong Learning Plan. As the primary source of income during retirement for many people, portfolios should be built with long term goals’ of risk-rated returns, while structured to have short term flexibility if sudden financial needs arise. RRSP’s and Spousal RSP’s can be easily set up with monthly automatic contributions for as little as $25 a month. Due to compounding, starting to invest even small amounts at an early age can result in much greater retirement savings.

A designated Education savings plan in which offers tax free growth, in addition to a government grants matching 20% of contributions, with the opportunity to receive additional grants based on family income levels . Unlike some “scholarship funds” our RESP solutions offer much more flexibility and control over your investments. They also do not require up-front fees, back-end fees or contribution contract, so you are able to contribute what you can, when you can.

Multiple RESP’s can be set up for the same child, and can be opened by parents, guardians and grandparents. Family plans are also available which allows unused investments to be passed on to a sibling. RESP plans are becoming increasingly popular for the baby boomer generation who are looking for alternative ways to give to their grandchildren, and opening a RESP allows them to invest directly in their post secondary opportunities.

Whether is a traditional life insurance policy, or a term policy to protect against financial burdens on a mortgage or investment, there are countless options available. Term policies are an excellent alternative to “mortgage insurance”. Its payout in the event of an accident or death will not decrease over time like most creditor insurance. Talk to us to find the best insurance strategy for you, and to ensure that your needs are covered, without wasting money on unnecessary premiums to pay for over-coverage.

Segregated funds can be a valuable part of estate planning as they allow investors to name beneficiaries and bypass probate fees, and can simplify a large portion of the estate for an executor. “Seg” funds allow the investor to have access to their investments, having exposure to potential market growth, while being guaranteed their principle. In the event of death, the designated beneficiaries would receive the market value of the investment, or the initial deposit, whichever is greater.

A registered disability savings plan (RDSP) is a savings plan that is intended to help parents and others save for the long term financial security of a person who is eligible for the disability tax credit (DTC)

The RDSP program is made up of two different benefits, The Canada Disability Savings Grant, and the Disability Savings Bond. The grant portion is a government matching program that will match up to 300% of contributions in a given year.

The Bond portion is a means-tested payment of up to $1000 a year, with no obligation to contribute to receive the benefit. Government payments into the plan will vary dependent largely on household income and also have specific limitations, however is a very valuable tool to assist those with disabilities.