The Westpoint Capital High Yield MIC and the Westpoint Capital Performance MIC are eligible investments for the registered funds listed below;

RRSP

A Registered Retirement Savings Plan is an investment or savings account designed primarily for saving toward your retirement years. As a retirement savings vehicle, regulated by the Canada Revenue Agency, RRSPs have special tax benefits. You only pay tax on the amounts you withdraw.  It allows you to defer paying tax on funds deposited to it.  When you make a contribution to your RRSP, you get a tax deduction for the amount contributed.  The deduction reduces taxable income, so the higher your marginal tax rate, the greater the tax savings will be. Income earned in an RRSP is not taxable while it remains in the RRSP, including interest, dividends, and capital gains, so can grow tax free until the money is withdrawn.  By the time you begin to withdraw the funds at retirement, you will probably be in a lower tax bracket than during your earning years.  Funds withdrawn at that time will benefit from this lower tax rate. 

You may visit the Canada Revenue Agency's website for more information on RRSPs:  http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/cntrbtng/menu-eng.html

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Spousal RRSP

A Spousal Registered Retirement Savings Plan allows you to make contributions to your Spouse's RRSP.  The contributing spouse will receive a deduction from his or her taxable income, whereas funds received out of the plan will usually be included in the receiving spouse's income.  You may visit the Canada Revenue Agency's website for more information on Spousal RRSPs:  http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/cntrbtng/spsl-eng.html

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RESP

A Registered Education Savings Plan (RESP) is a tax-deferred savings plan to help save money for your child's post-secondary education. There is no tax deduction on the contributions, however the RESP account can grow tax free and contributions can be withdrawn tax free.  New rules state that there is no maximum annual contribution limit.  You may even qualify to receive additional money through the Canada Education Savings Grant or the Canada Learning Bond.

You may visit the Canada Revenue Agency's website for more information on RESPs:  http://www.cra-arc.gc.ca/E/pub/tg/rc4092/rc4092-e.html

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RRIF

A Registered Retirement Income Fund is designed to provide you with a source of income after you have retired. Usually a RRIF is comprised of the funds that roll over from your RRSP, as an RRSP cannot be kept after the age of 71. The capital and interest in a RRIF accumulates tax-free, but is subject to tax upon withdrawal. You may withdraw any amount of money from the fund at any time, but any amount over the minimum will be subject to various degrees of withholding tax.

You may visit the Canada Revenue Agency's website for more information on RRIFs:  http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrif-ferr/menu-eng.html

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Spousal RRIF

The Spousal Registered Retirement Income Fund is a RRIF that has been has been transferred from a Spousal RRSP. You may visit the Canada Revenue Agency's website for more information on RRIFs:  http://www.cra-arc.gc.ca/E/pub/tg/t4040/t4040-e.html#P2404_78433

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TFSA

A Tax Free Savings Account is another account whereby your investments within it can grow tax free.  There are no tax deductions for the money that you invest into your TFSA, but you can withdraw your investments and their earnings at any time without incurring tax.   You are able to invest $5000 per year into your TFSA and unused contribution room can be carried forward to future years.

You may visit the Government of Canada's website for more information on TFSAs: http://www.tfsa.gc.ca/

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LIRA

A Locked-In Retirement Account is an RRSP that is locked in until retirement.  Usually a LIRA is created when you leave an employer with which you have a pension plan.  You may choose which investments you hold within your LIRA.

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LIF/LRIF

Both Life Income Funds and Locked-in Retirement Income Funds are created from the funds in your locked-in RRSP or LIRA.  They both provide you with steady income for life and offer you flexibility with your payments and control over your investments.  Funds in each plan will grow tax free until withdrawal.  The provinces that LIFs and LRIFs are available in may vary, so please check with your advisor.

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