with fund commitment - date of commitment, without fund commitment - date funds and/or forms are received at head office, $1,000 for guaranteed investments (compound and annual interest), $5,000 for annual and monthly interest payout guaranteed investments, Pre-authorized chequing (PAC) available into daily interest - $50 monthly (not available on LIRA or locked-in RRSP), Payment minimum - If the full amount of the legislated minimum has not been met, the balance will be paid out December 31 each year, Non-registered: age 16 (in Quebec, age 18), Short term investments are available (< 1 yr). Even though some applications do not specifically ask for a successor owner to be named, a TFSA policy allows the spouse the option of becoming the successor owner upon death of the owner. Accumulation annuities require that an annuitant be named. Provincial insurance legislation contains special rules regarding claims by creditors in respect of life insurance policies and annuity contracts. 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. It can also spread your workload throughout the year. The interest rate is guaranteed for any period between: With the exception of the Sun GIC Max, money can be withdrawn before the end of a guaranteed interest investment, but may have a market value adjustment (MVA). Understanding how and why the MVA works is something you can use effectively to your advantage. Don’t forget unused contribution room from previous years can be carried forward and used in future years. If a specific end date is selected, the investment will mature on that specific date. Expense adjustment to account for liquidity risk, Make sure you complete a transfer and not a withdrawal. all PAs for the previous year, the net PSPA and RRSP contributions deducted in the year. The client will have 5 guaranteed interest investments all within the same plan. He is not a member of an RPP or Deferred Profit Sharing Plan (DPSP), therefore, no PA or PSPA. If the policy is a LIRA or locked-in RRSP, we will pay the policy value in accordance with the applicable pension legislation. A taxpayer is permitted to over-contribute to their RRSP for a lifetime amount of $2,000.00 (but this limit is increased to $8,000.00 if the over contribution was prior to February 27, 1995). A Sun Life Global Investments Superflex accumulation annuity can help balance your need for security and rate of return, and provide you with reliable growth for your savings that’s safe from volatile markets. 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 named beneficiary(ies) receive the death claim proceeds. Pension legislation still not in force, but if pension locked-in, the creditor cannot redeem the product. CRA states that if Mr. & Mrs. Smith each put in 50% of the principal, then each owner should claim 50%. *These products are accumulation annuities issued by Sun Life Assurance Company of Canada. 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. Except voluntary contributions in certain provinces. Interest begins when we receive the application and the money. This is the carry forward function. … The formula for interpolation is RATE = R1 + (#days/365) x (R2-R1) where: There are 3 types of investment options available to your clients: Note: Rate enhancement levels do not apply to daily interest. A taxpayer’s RRSP dollar limit is identified on the Notice of assessment or Notice of reassessment produced by the Canada Revenue Agency (CRA). The client must specify from which investment we are to take the withdrawal. In other provinces: relationship is with life insured/annuitant. Joint owner plans can include a contingent policyholder appointment. Maturity notices will be sent to the client 45 days in advance of a maturity. If a client wishes to reinvest a maturing investment to an investment with a different interest type (i.e. Money from a non-registered or TFSA Superflex may be used to purchase a payout annuity, provided all minimums and requirements are met. Transfers or beneficiary designations made within certain time periods prior to bankruptcy or insolvency, while insolvent, or with the intention of defeating the claims of known creditors can result in the loss of creditor protection. The unused contribution room at the end of 2015 is as follows: The unused contribution room at the end of 2016. all contributions paid on or before the day that is 60 days after the end of the year; plan future guaranteed interest investments to roll over at the same time as existing investments, so they can take advantage of large case rate enhancements. © Sun Life Assurance Company of Canada. Some court decisions have found that these death benefits are subject to the claim of the deceased's creditors while others have come to the opposite conclusion. If a guaranteed interest investment is terminated before its end date, the investment is subject to MVA. Sun Life can help you build and protect your savings with investment products, life insurance, health insurance, and financial advice. Superflex Insurance GIC Retirement The insurance GIC is a special kind of GIC – a GIC with benefits. Sun Life Financial must account for this expense associated with liquidity risk. Joint owners can be either Joint tenants with right of survivorship (JTWROS) or Joint tenants in common (JTIC). We recommend that clients be referred to their own lawyers for specific legal advice. Each investment within a contract must have the same interest type. Superflex is available for the following registration types: Registered Retirement Savings Plan (RRSP). However, in situations where a deceased has failed to adequately provide for the support of a dependant, most jurisdictions have dependants’ relief legislation which permit a court to award a dependant money from an insurance contract even though there is a named beneficiary. 30 days - 270 days), long-term Guaranteed Investment Certificate (GIC). *Insurance GIC is an accumulation annuity issued by Sun Life Assurance Company of Canada. 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