Frequently asked questions about savings and investments
This may help you
For security reasons, you must send cheques by regular mail with the client’s name and date of birth or client number.
Bank deposits, however, are the recommended option as the safest and quickest way to go.
Mail the cheque to the following address:
Individual Insurance and Financial Services
625 rue Jacques-Parizeau
Québec QC G1R 2G5
Good to know: a withdrawal strategy is just as important as an investment strategy! Make it a habit to talk to an advisor1 before you make a transaction.
| Description | Details | Fees |
|---|---|---|
| Miscellaneous |
Non-sufficient funds (NSF)
|
Free |
| Cash withdrawals
A transactional account is opened for each plan (RRSP, TFSA) and annuity. This is a Daily Interest Account. Some fees may apply for withdrawals, but not if you collapse an investment once it matures. Be sure, however, to deposit your funds in a chequing account you can withdraw from. |
Daily Interest Account |
Free for the first withdrawal in a calendar year $15 for subsequent withdrawals |
| GIC | See your contract terms and conditions | |
| Investment accounts | See your contract terms and conditions | |
|
Transfers and account closures |
Partial transfer from an RRSP, RRIF or TFSA |
$65/transfer |
|
RRSP or RRIF account closure |
$90 |
|
|
RRSP and RRIF transfer |
$50 |
- If you are receiving federal income-tested benefits, or if you are eligible to receive federal income-tested credits, your eligibility to receive these benefits or credits is not affected by TFSA income or withdrawals.
- Upon death, the accumulated TFSA balance can usually be transferred tax-free. Plus, with Beneva, your capital is guaranteed!
- It is not necessary to set up a TFSA or file a tax return to earn contribution room. Your contribution room starts and grows as soon as you turn 18 (and have a valid SIN), even if you don't use it.
- When you contribute to your spouse's TFSA, even if they has no income, your contribution room is not affected.
Want to go even further? Watch our online webinar
Do you want to know everything about TFSAs? Join us in this live webinar (several dates available) where we’ll take an in-depth look at all its advantages. We’ll spell it out simply by explaining how it’s different from an RRSP. Register now and get your questions ready!
Sign up for this webinar - RRSP or TFSA: Which is right for you?
| Description | Details | Fees |
|---|---|---|
| Original documents Paper format sent by mail |
Savings statement
|
Free, or $10 if requested 30 days after the initial statement was sent. |
| GIC The terms of your guaranteed investment certificate. Not available through the Client Centre. |
Free | |
| Insurance or investment contract | Free | |
| Tax slips Issued for RESP withdrawals. Not available through the Client Centre. |
Free | |
| Tax receipts Issued for RESP contributions. Not available through the Client Centre. |
Free | |
|
Copies |
Copies of the above documents sent by mail. Quick reminder: you can access most of your documents through the Client Centre, free of charge. |
Free |
| Written confirmations | Quick microfiche search Specific statements dated before 2010 |
$10 |
| Detailed search of documents and archives Investment history, closed accounts, statements dated before 2010 |
$25/hour (minimum 1 hour) If search fails, no charges apply |
|
| Miscellaneous | Copy of deposited cheque | $20 |
|
TFSA |
RRSP |
|
|---|---|---|
| Objective | Savings for short- and medium-term projects | Retirement savings |
| Contribution age limit | None | Age 71 |
| Annual contribution limit | $7,000 | 18% of earned income, up to $27,830, less the pension adjustment |
| Contributions are deductible on your income tax return | No | Yes |
| Withdrawals are taxable | No | Yes |
Interested in going even further? Sign up online for our webinar
Wondering about the best savings options based on your plans? We’re here to guide you. Join us in this live webinar (several dates available) where we’ll take an in-depth look at the benefits of RRSPs and TFSAs. You’ll get expert answers that are clearly explained so you can make the best choice for you and your financial future. Register now and get your questions ready!
Sign up for this webinar - RRSP or TFSA: how to choose the best one for you?
1. Individual insurance of persons is underwritten by Beneva Inc. and distributed by Beneva Inc. Financial services firm and its authorized partners. Savings products are issued by Beneva Inc. and distributed by Beneva Inc. and its authorized partners.
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