Retirement Archives - 3i Financial

Group Benefits

3iwebdev — Tue, 15 Jun 2021 19:10:38 +0000

Group Benefits

What is Group Benefits?

Group benefits helps employers provide health care insurance for theirs employees that is not cover under the provincial health care program. Group benefits plan can put employees at ease and improve morale, which also boost productivity at workplace. Employers can build a plan that fits their organization.

At 3i Financial Group, through our partnership with the leading group insurance providers, we can provide you with all the necessary group insurance coverage for you and your employees.

We have a dedicated Group Benefits team that will work with you to understand your needs and implement benefits solutions to best suit your needs and budget. From the initial discussions and market price comparisons to the enrolment of each plan member to the ongoing service, the Group Benefits team will be there at every step of the way.

Ask us how you can implement the below features to your plan design.

Group Benefits Products

Life Insurance: Provides basic financial protection to an employee’s beneficiary if they die. Available as a flat amount or a multiple of an employee’s salary.

Critical Illness: Helps protect employees and their families financially should they face a serious illness.

Long Term Disability: Provides monthly benefit if an employee cannot work for an extended period of time because of total disability.

Accidental Death and Dismemberment Insurance: Provides for an additional benefit if an employee dies, loses a limb, is paralyzed or loses hearing, speech, or sight as a result of an accident.

Extended Health Care: Covers necessary medical expenses that are not covered by provincial plans. Includes coverage for:

Prescription Drugs
Paramedical Devices (Massage. Chiropractic, Acupuncture, Physiotherapy, etc.)
Vision Care
Hospital Care
Medical Equipment
Emergency Travel Medical

Short Term Disability: Replaces a portion of lost income while an employee is temporarily unable to work because of total disability.

Dental Care: Covers preventative and diagnostic dental treatment as well as coverage for fillings, root canals, extractions and oral surgery. Options for major dental including orthodontic treatments are also available.

Dependent Life Insurance: Helps provide financial protection for an employee in the event a spouse or child’s death.

Source: Canada Life

Contact a 3i Financial Group Advisor today to learn more.

Tags: Emergency Medical Care, Group Benefits, Health & Dental, Hospital Care, Prescription Drugs, Vision Care

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Living Benefits

3iwebdev — Tue, 15 Jun 2021 16:40:07 +0000

Living Benefits

Health & Dental Insurance

Covers the expenses that is not cover under the provincial plan
Help cover the costs of out of pocket services such dental, paramedical, ambulance services, hospital, prescription drugs and vision
For people who are losing coverage, self employed and does not have group benefits
Provides emergency travel medical

Source: Manulife, Healthquotes

Long Term Care Insurance

Provides assistances if you are unable to take care of yourself and for daily activities
Protects your retirement plans and choose the correct care when you need it
Covers the costs for care facility and caregiver
Must be incapable to perform at least 2 daily activities (eating, bathing or dressing) to receive benefits

Source: Ontario Health

Critical Illness Insurance

Provides additional coverage for medical emergencies
One time payment lump if diagnosed with a critical illness
Covers the cost of daycare and renovation to make home more accessible

Disability Insurance

Protects you and your family if you are unable to work and earn an income
Replaces 65% to 85% of your income
Ability to transition back to work with partial benefits

Source: Financial Consumer Agency of Canada, Government of Ontario

Find Out More

Tags: Critical Illness, Health & Dental, Long Term Care

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Business Investments

3iwebdev — Fri, 11 Jun 2021 19:13:30 +0000

Business Investment

Why Choose Business Investments?

At 3i Financial Investment Services Inc, we work in partnership with businesses by offering our financial expertise to help create and add value to your organization. Our advisors are dedicated and experienced to understand the unique financial needs of your business. Our 3i Business Financial Plan is tailored to take your business further by managing the risks. We can get you professional advice from lawyers, bankers, mortgage brokers, accountants and etc…to make business recommendations specific to your need and assist in the execution of your 3i Business Financial Plan.

Business Investment Programs

Non-Registered Investment Plans

DPSP’s (Deferred Profit Sharing Plans) & Payroll Savings Plans

Contributions are a tax deductible expense and are not a taxable benefit to the plan member. Employers can contribute an amount up to 9% of the employee’s current annual earnings to the maximum contribution limit
Help employees saves for their future.

Individual Corporate Accounts

Helps with everyday banking, savings and investing.
Helps to ensure you file taxes accurately and separately from personal accounts.
Eligible to deduct business expenses from your tax return.

Registered Investment Plans

IPP’s (Individual Pension Plan)

Provides maximum tax-deductible contributions for your retirement and gives you more flexible benefit settlement options. Allows you contribute a higher amount.

DCRPP’s (Defined Contribution Registered Pension Plans)

Provides employees with an income at retirement. Contributions are exempt of payroll taxes for employers.

RESP’s (Registered Education Savings Plan)

An investment vehicle that allows caregivers to save up for their children’s post secondary education.
Pays up to 20% of a child’s annual contribution up to an annual maximum of $500 or a lifetime maximum of $7200 until the beneficiary reaches the age of 17.

RRSP’s (Registered Retirement Savings Plan)

Invest in your future by reducing your taxable income with contributions.
Can access funds in your RRSP to help buy your first home or pursue further education.

DPSP’s (Deferred Profit Sharing Plans)

Allows companies to share profits with employees.
Provides tax incentives and allows vesting periods for vesting period and employers contributions.

Sources: Canada Revenue Agency, Investopedia, Moneysense

Find Out More

Tags: DCRPP's, Deferred Profit Sharing Plans, Defined Contribution Registered Pension Plan, DPSP's, Individual Corperate Accounts, Individual Pension Plan, IPP's, Non Registered Investments Plans, Payroll Savings Plan, Registered Investments Plan, RESP

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RRSP

3iwebdev — Thu, 10 Jun 2021 17:50:38 +0000

RRSP

What is a A Registered Retirement Savings Plan (RRSP)

A Registered Retirement Savings Plan (RRSP) is a personal savings account registered with the Canadian government to help individuals accumulate capital on a tax-deferred basis for their retirement including tax deductions. The objective is to help individuals grow their savings in a tax free environment to secure an income during retirement years.

Who qualifies?

Advantages

There are various types of RRSP including: individual, spousal, group, and pooled RRSP each with its own benefits. Nevertheless, they all share one common advantage, and that is the tax benefits

Tax deductions

Reduce your taxable income with contributions.

Tax deferral

While in RRSP, your investments can grow on this a tax-deferred account

Income Splitting

The higher income-earning spouse can contribute in their spouse's RRSP.

Canadian government programs

Access funds in your RRSP to help buy your first home or pursue further education.

Contribution Limits

There is a contribution limit on RRSPs accounts, also known as a “deduction limit” which is the maximum amount you can contribute in a given year. To find out the exact amount, check on your most recent Notice of Assessment from the CRA.

As a guideline, your allowable RRSP contribution for the current year is the lower of:

18% of your earned income from the previous year
The maximum annual contribution limit for the current tax year
The remaining limit after any company sponsored pension plan contributions

Year	Contribution Limit
2026	$33,810
2025	$32,490
2024	$31,560
2023	$30,780
2022	$29,210

Source: Canada Revenue Agency

Not sure how much to save?

Contact a 3i Financial Advisor today to see how an RRSP can help your retirement planning and reach your retirement goals.

Find Out More

Tags: Old Age, Pension, Tax Advantages

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Executive Team

3iwebdev — Wed, 09 Jun 2021 22:28:58 +0000

Executive Team

Louise Tam, President

President of 3i Financial Group Inc. since November 2004, Louise graduated from the University of Windsor with a Bachelor of Arts degree. She has completed various professional financial industry courses over her 30 years of financial services experience. From 1989 to 1999, she was an Account Manager at the Royal Bank of Canada. In 2000, Louise was appointed Vice President for a Financial Corporation. Throughout her career, she won numerous awards for her outstanding sales and service. In 2001, Louise received the chair of the Association of Chinese Canadian Entrepreneurs Certificate. Louise has experienced working with high net worth clients at Investment Planning Counsel as a Financial Planner. At 3i Financial Group Inc. Louise oversees many projects, assist with daily operations and business management. Louise spends her free time volunteering for many organizations and playing various sports, like golf and badminton.

Bob Lau, President of Investments

President of 3i Financial Investment Services Inc. since 2008, Bob oversees a team of Branch Managers and Financial Advisors. His duties include oversight of daily operations, supervision and business development. Bob has over 20 years of financial experience, he acquired his experience in working with corporations such as Royal Bank of Canada and Canada Life Assurance Company. In addition to the designations of Branch Manager and Certified Financial Planner®, Bob graduated from the University of Toronto with a Bachelor of Arts Degree and continuously attend courses and seminars to keep up to the industry trends. Besides his work life, Bob enjoys playing badminton and fishing.

Kelly Tsang, Vice-President

Since June 2005, Kelly has been the Vice President of Training and in charge of the Training and Development Department. Her role is vital in the setup of all corporate training initiatives. Kelly has managed several projects and remains committed to creating programs that meet the needs of others.Kelly graduated from the University of Western with a Bachelor of Arts degree and received her Master’s of Education from McGill University. Before entering the financial industry, she was involved in multiple programs to help high school students succeed academically as a Program Director. In her spare time, Kelly teaches ESL classes, tutors children and participates in multiple social and community projects.

Tags: Executive Team, Marketing, President, Vice President

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Individual Investment

3iwebdev — Wed, 09 Jun 2021 19:14:49 +0000

Individual Investments

Why Choose Individual Investments?

At 3i Financial Investment Services Inc, we provide a wide range of individual investment services that are tailored to you. Our advisors will guide you with proper investment strategies. We will help you reach your financial short term to long term goals with our 3i Personal Financial Plan.

Investing is an effective way to build your wealth. Investing will benefit you by helping you to save for your children’s education, help with taxes, save money for retirement and setting up charitable donations.

Some of the account types we offer include: Regular RRSP, Spousal RRSP, LIRA, LIF, RRIF, RDSP and RESP’s.

Some of the Individual Investments Programs

RRSP (Registered Retirement Savings Plan)

Lower your taxes by investing in your future. A lower tax bracket when you retire, withdrawals will be at lower rate.

TFSA (Tax-Free Savings account)

Save for a future goal tax free. Offers more flexibility and less taxes.

RESP (Registered
Education Savings Plan)

Help your child with a boost for their post-secondary education. Pays up to 20% of up to $2,500 annually. Contribute to lifetime limit of $50,000.

RDSP (Registered Disability Savings Plan)

Help a love one with disabilities for long term goals. Plan can grow faster as taxes are deferred on investment income and capital gains.

Find Out More

Tags: Registered Education Savings Plan, RESP

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