Kukje Gallery 54 Samcheong-ro Jongno-gu Seoul 03053 South Korea Tel: + 82 2 735 8449 Fax: + 82 2 733 4879 kukjegallery.com. ','SLFDEFPUB'); The maturity date is December 31st of the year in which the annuitant reaches age 71. designations in a trust company or bank RRSP). Sun Life is raising premium rates by 5 per cent and 23 per cent on average on its SunUniversalLife II product, depending on the type, and by 7 per cent and 27 per cent on Sun Permanent Life offerings, for new applications received from 12 a.m. EDT onward on Monday, it said in a release. A negative amount may also result where an improvement to the taxpayer's past service benefits under an RPP results in a PSPA that is greater than the available contribution room. Interest begins when we receive the application and the money. The unused RRSP contribution room determines the amount of RRSP contribution that may be made and deducted in a year allowing a taxpayer to defer the contribution made to their RRSPs. When transferring money from another institution watch out for transaction fees. (unless alternate directions are received for maturity action). Protection may come from insurance or pension law. Sun Life Financial and its advisors should not make any specific representations that a certain policy will be exempt from seizure. Interest rates are guaranteed for 45 days. There are times when this demand for cash results in larger than normal withdrawals for a financial institution. If a specific end date is selected, the investment will mature on that specific date. choose any length of investment as follows: RRIF registrations - between 1 and 25 years, Superflex annuity - between 1 and 10 years, #days = number of days into the non-even year. 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 executor of the estate would provide written direction as to who ownership of the deceased's share should pass to under the will. Federal legislation enacted July 2008 (Bill C-12). Let's track another example through 2015 and 2016. Interest is calculated and credited daily to the balance of the investment. Both the contract and pension money payments are creditor protected under pension legislation. compound interest to annual interest), a new GIC will be required with a new application completed. Upon the death of the annuitant and receipt of satisfactory proof, we will pay the policy value in effect on the date of death. The Federal Bankruptcy and Insolvency Act specifies that property that's exempt from seizure under provincial law, is not available to be divided among creditors when a client is in a bankruptcy situation. We will establish an income stream for the death benefit as instructed. This, in t… This document provides information about contributions to Registered Retirement Savings Plans (RRSPs). If the annuitant is one of the joint owners, his or her share of the ownership will be transferred to the contingent owner for that share (or his or her estate if no contingent owner has been named) and the successor annuitant will become the annuitant. The unused RRSP contribution room measures the amount of RRSP contribution that can be carried forward for future years. If the annuitant is not one of the joint owners, owners will remain unchanged and the successor annuitant will become the annuitant. Once $1,000 has accumulated in the daily interest investment, a client may choose to transfer the money into a guaranteed interest investment. 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. Interest is calculated from the date the guaranteed interest investment is established. Having this option increases our competitiveness by spreading out both the workload and flow of funds to invest. Region and language selection is expanded. Interpolation is calculated to the nearest .01%. The new legislation states that the exemptions for RRSPs, RRIFs and DPSPs do not apply to a "life insurance contract" (including an annuity) under the. All money earns interest immediately. The policy terminates – regardless of who the owner is. Preferred beneficiary refers to: married spouse and common law spouse (except in Quebec: married spouse/civil union spouse), child, grandchild or parent (Quebec:  ascendant/descendant) and the irrevocable beneficiary Quebec – presumption of irrevocability if married spouse/civil union spouse). *These products are accumulation annuities issued by Sun Life Assurance Company of Canada. 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 contributor of an RRSP may deduct the lesser of: Client-selected end dates (CSED), available on all Sun Life guaranteed interest products available for sale, allow clients to select the end dates on their guaranteed interest investments. As each guaranteed interest investment term matures, the balance will be automatically invested in a new 5-year guaranteed interest investment at the then current posted interest rate. 19 months, 3 years, etc.). Account term: Compound interest (YRC) Annual interest (YRAP) Monthly interest (YRMP) Daily: 0.250 %: 0.250 %: n/a: 1 year: 0.450 %: 0.450 %: 0.350 %: 2 year: 0.350 % Advisor site. Rates will be interpolated for client-selected end dates. Superflex was issued as a non-registered contract, a Registered Retirement Savings Plan (RRSP), a locked-in retirement account (LIRA) or a locked-in RRSP. In BC there is specific legislation stating that the death benefit of an RRSP goes to the beneficiary outside of the estate. Expense adjustment to recover upfront expenses, 3. The amount of interest earned each month will equal 1/12th the annual interest. In Quebec, the relationship of the beneficiary is with the owner. a preferred beneficiary under the pre-1962 legislation. designated irrevocably (no specific relationship required). It can also spread your workload throughout the year. The situation is not nearly as clear for death benefits paid under beneficiary designations not governed by insurance legislation (e.g. GIC RRIFs are limited to 5 investments. One of the least understood concepts is the MVA. At the end of the Superflex/Income Master accumulation annuity or GIC/Sun GIC Max guaranteed interest investment term, the client can: If the client has their money in the following, the money automatically reinvests based on the posted rate available for that product for the same term, unless investment instructions are provided before the investment matures: If the client has their money in the following, we credit the money to the daily interest investment at maturity, unless investment instructions are provided before the investment matures: Note: Prior to maturity, notices will be mailed to clients and maturity instructions can be provided up to 45 days before the investment matures. If the amount of the monthly annuity payment is less than the amount of our minimum required annuity payment, we have the right to pay the total sum to the owner instead of applying the policy value to provide a payout annuity. Upon the death of an owner who is not the last surviving annuitant, the other joint owner will be considered to be the contingent owner (in Quebec, subrogated policyholder) of the deceased owner’s share of the contract, unless otherwise stated on the application. The investment is split equally between each of the 1 to 5 year guaranteed interest investment terms. This adjustment also covers the extra expenses involved in processing the early withdrawal. 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). Insurance GIC* - Superflex and Income Master rates For our large case rates (minimum deposit of $25,000), please call 1 800 800-4SUN/4786 option 1, 2, 3. Superflex accumulation annuity (Insurance GIC*): All interest types are available and can all be selected within the same product, unlike the GIC products described below. For GIC products with terms of greater than a year, interest and principal from a guaranteed investment roll to the daily interest investment automatically. This means that they become the planholder and may exercise all of the planholder rights including the right to designate a beneficiary. The client can have several guaranteed interest investments all within the same plan. The following information is designed to clarify how Sun Life administers a successor owner on a TFSA policy. If the spouse chooses not to become the planholder they may choose to transfer any or all of the assets to their own TFSA. It is considered an annuity because at some point in the life of the contract, the product is expected to turn into a payout type of investment. The method of determining the start date remains unchanged: One of the taxable benefits of a jointly-owned policy, either AA or GIC product, is that the tax burden can be shared by the owners. Special care should be taken however where creditor protection is a concern for a client or when the advisor knows or suspects that the client may be experiencing financial difficulties, bankruptcy, insolvency, divorce or separation. For the Northwest Territories, Yukon & Nunavut  - Given that these jurisdictions do not currently have laws excluding RRSPs from seizure, it is quite likely that creditors will be able to seize these assets. The final year of interest will automatically roll with the principal amount to a new investment with the same term. Anytime funds are surrendered from a guaranteed interest investment prior to the investment’s end date. This will depend on a number of factors totally outside of its knowledge and control. In other provinces, even though the divorce does not make null and void the beneficiary designation, it loses its preferred characteristic. If the value of the deceased owner's products with us (including his or her share in this contract) is $100,000 or more, probate will be required. If the beneficiary is to receive their portion in the form of an income stream, rather than a lump sum (Legacy settlement option (LSO)), form E5029 - Legacy settlement option - Insurance GIC, legal | privacy | security | terms & conditions. The RRSP contribution room allows a person to integrate benefits provided under RPPs with contributions to RRSPs. Therefore, MVAs are necessary to ensure money is not lost. You will find more details on pension protection below. The unused RRSP contribution room is used to determine if a taxpayer has over-contributed to their RRSPs. Maturity notices will be sent to the client 45 days in advance of a maturity. Sun Life Financial can help you build and protect your savings with investment products, life insurance, health insurance, and financial advice. If at any time the policy value is less than $500, and we are not making regular payments, we will terminate the policy and forward the balance to the client. Clients are able to hold more than one account as long as they adhere to the annual contribution limit. … Client-selected end dates (CSED), available on all Sun Life guaranteed interest products available for sale, allow clients to select the end dates on their guaranteed interest investments. For example, a client cannot deposit a cheque into his or her adult child’s TFSA or a cheque drawn on an individual’s company account cannot be deposited to their personal TFSA. 2. Let's track an example through 2015 and 2016 and assume a taxpayer has earned income of $150,000. For the GIC products, interest from a guaranteed investment rolls to the daily interest investment automatically on each monthly anniversary date of the individual investment. The owner may also advise us to direct the funds to an investment of a different type and/or term or to the daily interest investment on or before the maturity date. Except voluntary contributions in certain provinces. The interest rate assigned to a guaranteed investment will be the rate in effect on the date of the rate guarantee. Beneficiary is the Estate. Sun Life can help you build and protect your savings with investment products, life insurance, health insurance, and financial advice. 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. If the rate indicated below for estate or trust income is 15% or 25%. Billingham Superflex 9-18 - Find the lowest price on PriceRunner Compare prices from 4 stores Don't overpay - SAVE on your purchase now! the treaty specifies a 15% rate for trust income and no rate for estate income. Joint owners can be either Joint tenants with right of survivorship (JTWROS) or Joint tenants in common (JTIC). Note: The minimum opening investment should always be paid with application except in the case of an external transfer. * It allows a Client to accumulate and reinvest earnings on their investments at guaranteed rates. Note: For short-term GIC products, #days/365 in the above formula becomes the #days beyond the lower term for which a rate is stated divided by the number of days between the lower and higher terms (e.g. You can view RRSP limits on the CRA website. 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). Confirmation statements will be sent to the client to confirm a new deposit or reinvestment of a matured investment. If a beneficiary is named, the death benefit can bypass estate and probate fees** when the annuitant dies. If a successor annuitant is named and is alive upon the death of the annuitant, the contract will continue after the death of the annuitant and no death benefit will be payable. The interest rate is guaranteed for each specific term. If the 2-year rate is 5% and 3-year rate is 6%, then the rate for 2 years and 8 days (time between start date and end date) is: 5% + (8/365) x (6% - 5%) = 5.021918% so that client would receive 5.02%. all PAs for the previous year, the net PSPA and RRSP contributions deducted in the year. It looks like you are using an outdated browser. They are based on levels at the time of withdrawal, not at the date of deposit. We will make the payment to the beneficiary listed on the policy records, or to the estate if no beneficiary is listed. We "interpolate" interest rates for investment terms that lie between whole years. If a spouse is named as the sole beneficiary they have the option of assuming ownership as the successor holder. 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. Subsequent cheque deposit - Investment instructions, Sample savings and retirement annual statement, Transfer registered assets from another company to a registered product (E63), E5051 - Beneficiary claim statement for Insurance GICs* and Trust GICs, RC-240 - Designating an Exempt Contribution to a Survivor Tax-Free Saving Account (TFSA), Adjusted Cost Basis (ACB) - Deferred annuities, First sixty-day receipt information for Superflex and GIC products, General tax information for guaranteed savings TFSA, Marriage breakdown and removal of spousal designation, Non-registered taxation of surrenders/withdrawals for non-residents, Tax slip and receipt mailing schedule for all Individual products, Withholding tax on withdrawals from an RRSP, Application for Superflex Deferred Annuity: RSP/LIRA/Non-registered or Income Master Annuity: RIF/LIF/RLIF(810-3549), Application for Superflex annuity: Tax-Free Savings Account (TFSA) (810-3584), E5029 - Legacy settlement option - Insurance GIC, Application for Superflex Deferred Annuity: RSP/LIRA/Non-registered or Income Master Annuity: RIF/LIF/RLIF, Application for Superflex annuity: Tax-Free Savings Account (TFSA), The unused contribution at the end of 2014, + The lesser of RRSP limit and 18% of previous year (2014) earned income, The unused contribution room at the end of 2015, + The lesser of RRSP limit and 18% of earned income, The unused contribution room at the end of 2014, + the lesser of RRSP limit and 18% of earned income. SunUniversalLife rates - With investment bonus, SunUniversalLife rates - Without investment bonus, Insurance GIC* - Superflex and Income Master, Large Case Guaranteed Investments@sunlife.com, Sun Life Financial dividends on deposit rate, Sun One Year Term (for group conversion only) - Male/female rates, Sun Term to 65 (for group conversion only) - Male, Sun Term to 65 (for group conversion only) - Female. leave their money in the daily interest investment. The annual interest equals the principal multiplied by the applicable interest rate. Joint ownership is only permitted on non-registered contracts. Customer Service Hotline (852) 2103 8928. A contingent owner should be named for each owner. 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. The interest rate is guaranteed for a specific term. Minimum amount $250 or $50 ($25 for juveniles) pre-authorized chequing (PAC). Provincial insurance legislation states that, if certain conditions are met, in-force life insurance policies and annuity contracts may not be seized by a policyholder's creditors. Pension legislation still not in force, but if pension locked-in, the creditor cannot redeem the product. Click this button to collapse it. Each investment within a contract must have the same interest type. Financial institutions offering guaranteed interest investments are at an investment risk and suffer expense losses on early termination of these investments. This does not apply to a LIRA, as the value may only be paid out according to the rules of the governing pension legislation. Each applicant must sign the application. The expense adjustments represent the adjustment to the interest rates used in determining the cash value. At death of the annuitant the named successor annuitant will replace the deceased annuitant on the contract, the contract will continue and no death benefit will be payable. The named beneficiary(ies) receive the death claim proceeds. Money from a non-registered or TFSA Superflex may be used to purchase a payout annuity, provided all minimums and requirements are met. The policy value on any date will be the total amount in all investments on that date, including accrued interest. Cannot appoint a beneficiary on non-registered contracts. Wealth. There are 4 different investment types available: Older versions of the Superflex are closed to new sales however we do accept additional deposits to existing policies. As a consequence, the institution may have to sell some of their less liquid assets to meet the withdrawal demands of the liability holders. These expense adjustments can vary by product and are subject to change. 30 days - 270 days). There are exceptions to non-seizability : garnishments by Federal Government, debt for family support, family patrimony, fraudulent acts with respect to bankruptcy. a specific end date (e.g. Any interest credit prior to the death is taxed to the deceased and the surviving owner. Liquidity risk arises whenever the liability holders (clients) demand immediate cash for their financial claims. Also, some assets with thin markets generate lower prices when the sale is immediate than if the financial institution had more time to negotiate the sale. It is used for three purposes: To determine the amount of the unused RRSP contribution room, Pension Adjustment (PA) and Past Service Pension Adjustment (PSPA) have to be taken into consideration. This transfer will not affect their contribution room as long as they elect this option before the end of the year following the year of death. If the spouse is not the sole beneficiary, the cash value of the policy on the date of death is paid to the beneficiary(ies) in a lump sum. Competitor guaranteed rates; Sun Guaranteed Investments. All or part of an investment may be withdrawn at any time, except for a LIRA or Locked-in RRSP. Nils Stærk Glentevej 49 DK-2400 Copenhagen Denmark Tel: +45 3254 4562 Fax:+45 3254 4526 nilsstaerk.dk OMR Córdoba 110 Roma Norte Mexico City D.F., 06700 Mexico Tel. So don’t forget to ask before they make a contribution to make sure they will not exceed their allowable contribution space. Clients may want to check with the relinquishing institution to confirm whether or not a fee will apply. In all provinces/territories creditor protection does not apply to contributions made 12 months prior to bankruptcy. Selling features: When held as a registered retirement savings plan (RRSP), Superflex can easily be converted into a registered retirement income fund (RRIF) to generate a steady stream of retirement income. AccessDenied('More information is available under Process for maturing non-registered and TFSA guaranteed savings annuities. After interest is added to the investment each day, the combined sum continues to earn the same rate as the original principal for the duration of the guaranteed investment. In Alberta, “common law spouse” is referred to as “adult interdependent partner”. Important points to remember on jointly-owned accumulation annuities (Superflex): If the annuitant dies and no successor annuitant has been named: If the annuitant dies and a successor annuitant has been named: If the joint owner dies (and that joint owner is not the annuitant of the policy): Jointly-owned Sun GIC Max or Guaranteed Investment Certificates (GICs). guaranteed interest investments (minimum investment $1,000). There are a variety of other circumstances in which a life insurance policy or annuity contract may have even greater protection from creditors: Creditor protection available under provincial insurance legislation can be lost in a variety of circumstances. New owner(s) can update successor annuitant and contingent owner and beneficiary if desired. The minimum withdrawal is $500 and an MVA calculation will apply. 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