An Introduction

The Tenzing Investment Planning Service

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TIPS In Action

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How Tenzing Fits In

Special Services

Special Services:

Retirement Planning Services

Most employers agree that retiring employees deserve special attention.  We can show them some planning ideas

that many financial advisors don't even know about.
 

With our help, your retiring employees can:

  • Shelter their retirement savings from taxes well beyond their 69th birthday
  • Use investment strategies practised by the largest and most successful pension plans
  • Access special personal plans usually available only to pension funds and high-net-worth investors
     

Termination of Employment Services
 

Most employers only want to be responsible for their active employees and not for those who no longer work for them.  Let us help.

We will explain the termination options to the employee and help them decide on the best course of action.  We will help complete the forms and do the follow-up to make sure the pension transfer is done properly.  The result - their funds are transferred into a personal plan and you are no longer responsible for them.

Beneficiary Cleansing Service

(For Group RRSP and DPSP) The tax treatment for Group RRSP beneficiaries is quite different than for pension plan beneficiaries.

Pension monies will be paid to a surviving spouse regardless of whom is actually named as the member's beneficiary.  This is not the case with RRSP savings.  So, anyone getting married later on in life must remember to update their RRSP beneficiary to their new spouse otherwise their accumulated savings will be paid to someone else.  And it gets worse!

Not only is the surviving spouse shut out from the amount of the RRSP, but the remaining value of the deceased's estate is diminished by the taxes owing on the full amount of the RRSP in the year of death.

Consider the following example:

Jack names his brother Tom as beneficiary of his Group RRSP.  Jack gets married later in life and doesn't think to change his beneficiary to his new wife Jill.  At the time of his death Jack had over $100,000 in his Group RRSP account.  Tom, his brother, receives the full $100,000. Jill receives nothing.  Furthermore, Jack's estate is responsible for the taxes owing on his RRSP in the year of his death which amount to approximately $50,000 so the estate available to Jill is further diminished.

Surviving spouses facing this situation will be quite distraught and will be looking for someone to blame.  Don't let it be you.  Ask us about our Beneficiary Cleansing Service.

Copyright 2000 Tenzing Pension & Investment Services Inc.