• QFS

Year-End To-Dos



Dear Associates, Year-end is quickly approaching so here are five ideas to help you strengthen your client relationships.

  • Set up a Mini-RRIF for your clients between the ages of 65 and 71.

  • Crystallize and capital losses in non-registered accounts

  • Set up or make an extra deposit to a GMWB in order to get the bonus for 2017

  • Set up or make and deposit to an RESP in order to receive the 20% grant

  • Lock-in growth using the reset feature

Set up a Mini-RRIF for your clients between the ages of 65 and 71 One of my previous Wealth Updates talked about this and I have attached it for your convenience. Click Here Crystallize and capital losses in non-registered accounts Clients with non-registered accounts may have some funds that are in a loss position. While this is not the goal of investing, it is a reality that investments do go up and down. For funds that are in a loss position, why not lock-in these losses so that they can be used to offset capital gains in 2017 and beyond. Simply switching the losing fund to a new fund crystallizes the loss and the capital loss will be reported on your client’s T3. This loss can then be used right away or saved to be used in the future against a capital gain. The net result is your client will pay less in taxes. Set up or make an extra deposit to a GMWB in order to get the bonus for 2016 This is an obvious one. Remind your clients and prospects to get their account opened or make additional deposits by year-end in order to get the notional bonus for 2017. Empire Life and Desjardins are the companies to look at. Canada Life prorates their bonus so they work best for January deposits or clients starting income right away. Set up or make and deposit to an RESP in order to receive the 20% grant This is the same logic as the GMWB bonus, let’s get clients to open or make additional deposits to RESPs in order to receive the government grants. This one of the best deals going, where else can you get a 20% bonus on deposits? Lock-in growth using the reset feature Check to see if their market values are ahead of their guaranteed values. If so, and it makes sense, exercise the reset option. This is a great sales generation activity. You get to call your client with good news and ask if they’d like to make any additional deposits or have any other financial planning needs they may need. As always, I look forward to your comments. Take care, Scott Edgington Director of Wealth Qualified Financial Services scott.edgington@qfscanada.com


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