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Global Iman Fund is a socially responsible Shari’ah compliant global equity fund that avoids investing in certain kinds of businesses or sectors such as alcohol, tobacco, pork related products, f­inancial services, weapons, defense, entertainment and gambling. An investor in the Fund would have a moderate risk tolerance and a medium- to long-term investment horizon.

To achieve its fundamental investment objective, under normal circumstances the Fund will invest: a) directly in equity securities of public companies listed on the Dow Jones Islamic Market Titans 100 Index series (IMXLT); b) in instruments that mirror the performance of the IMXLT or instruments that mirror the performance of a selection of public companies listed on the IMXLT; and c) other investments that have been deemed Shari’ah compliant by an applicable Shari’ah advisory committee.

Global Growth Assets Inc. is also the Investment Fund Manager (IFM) for 2 scholarship plans. Click here.

Account Types

At Global Growth Assets Inc, we offer a range of account types for your investments. Whether you are investing for retirement, education or other purposes, we offer an account type that will meet your needs:

TFSA (Tax Free Savings Account)

For 2020 investors may contribute up to $6,000* into their TFSA. For those who have not contributed to TFSAs in the past, eligible investors may contribute up to $69,500.

Annual TFSA contribution limit:

  • $5,000 for 2009, 2010, 2011 and 2012
  • $5,500 for 2013, 2014, 2016, 2017 and 2018
  • $6,000 for 2019 and 2020
  • $10,000 for 2015
  • *TFSA annual contribution limit will be indexed to inflation and rounded to the nearest $500.

    Some highlights of TFSA accounts:

  • Contributions to a TFSA will not be deductible for income tax purposes, but investment income, including capital gains, earned in a TFSA will not be taxed, even when withdrawn.
  • Unused TFSA contribution room can be carried forward to future years.
  • You can withdraw funds from the TFSA at any time, for any purpose.
  • The amount withdrawn can be put back in the TFSA at a later date without reducing your contribution room.
  • Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits.
  • Contributions to a spouse’s TFSA will be allowed, and TFSA assets can be transferred to a spouse upon death.
  • Please note that while both TFSAs and RRSPs are tax-advantaged investment vehicles, there are important differences:

  • Contributions to an RRSP are deductible and reduce your income for tax purposes. In contrast, your TFSA savings will not be deductible.
  • Withdrawals from an RRSP are added to your income and taxed at current rates. Your TFSA withdrawals and growth within your account will be tax-free.
  • An Investment Account is a taxable portfolio of funds and/or securities.

    Investment Accounts may be opened by individuals (joint or single), legal trusts, informal trusts, estates or corporations.

    These accounts are sometimes referred to as "non-registered accounts" to differentiate them from registered savings plans such as RRSPs and RRIFs.


    RRSP / Spousal RRSP

    A Registered Retirement Savings Plan (RRSP) or Spousal RRSP is a registered account designated for retirement savings.

    RRSPs are available to investors under the age of 71, provided that they have earned income and a Social Insurance Number. Please contact our Investment Funds Centre if you want to open an RRSP for a minor.

    RRSP accounts benefit from advantageous tax treatment if held to retirement age.

    When the owner of an RRSP reaches the age of 71, the RRSP must be closed. Many investors then choose to transfer their RRSP assets to an RRIF (Registered Retirement Income Fund) or a spousal RRIF.

    LRSP (Locked-in Retirement Savings Plan) Account or LIRA (Locked-in Retirement Account)

    If you leave an employer before you have reached retirement age, you may have to transfer the assets in your employer-sponsored Group Retirement Savings Plan (GRSP) or pension plan to a Locked-in Retirement Savings Plan. Depending on the applicable provincial pension legislation, this plan may be called an LRSP or a LIRA.

    You retain control over how your LIRA or LRSP is invested, subject to specific restrictions under the Income Tax Act.

    Until you reach retirement age (as specified by your original pension plan), you are not permitted to draw on these funds. If you wish to receive income from the plan, you may be eligible to transfer the assets to another acceptable locked-in vehicle that can pay out income, such as an LIF (Life Income Fund) or an LRIF (Locked-in Retirement Income Fund). In any case, when you reach the age of 71, you must transfer the assets from your LRSP or LIRA to a LIF or LRIF.

    RRIF (Registered Retirement Income Fund)

    Individuals who hold RRSPs, Spousal RRSPs and Group RRSPs are required by law to close these plans no later than the last day of the year in which they turn 71. Many individuals choose to transfer these RRSP assets to a RRIF or Spousal RRIF.

    The RRIF pays out a prescribed mandatory minimum payment each year, but there is no maximum annual withdrawal limit. Withdrawals from a RRIF over the prescribed minimum amount are subject to withholding taxes imposed by Canada Revenue Agency (CRA).

    Learn more

    Many investors find the transition from an RRSP to a RRIF somewhat confusing. We will be pleased to advise you on how RRIFs work, what regulations they are subject to, and what investment options you have within your RRIF account. Please contact one of our Financial Advisors in Global Maxfin Inc. and they will be happy to guide you through the process.

    LIF (Life Income Fund) or LRIF (Locked-in Retirement Income Fund) Account

    When you retire, or at the latest when you reach the age of 71, you may transfer assets from your LRSP, LIRA, GRSP (locked-in) or employer-sponsored pension plan to a LIF or LRIF, depending on the applicable provincial pension legislation.

    The difference between the RRIF and the LIF/LRIF is that the RRIF is used for transferring individual RRSP assets and the LRIF/LIF is used for transferring GRSP or other employer sponsored pension assets. These assets may have been held in an LRSP or LIRA before being transferred.

    The LIF is available in all jurisdictions (except in PEI). The LRIF is available for plans under the jurisdiction of Ontario, Manitoba, Saskatchewan and Newfoundland.

    Both the LIF and the LRIF require a prescribed mandatory minimum income withdrawal and an optional maximum income withdrawal each year. Conversion to an annuity is not mandatory for an LRIF.

    However, for the LIF in New Brunswick, at the age of 90, you must transfer the remaining assets in the plan to an annuity. For the Federal LIF, and the LIF in BC, QC, NS, MB, and AB, an annuitant can hold a LIF for their lifetime and is no longer required to convert the LIF to an annuity at age 80.

    You retain control over how your LRIF/LIF is invested, subject to specific restrictions under the Income Tax Act.

    RESP (Registered Education Savings Plan)

    With the ever-increasing cost of education, saving is one way to ensure your children realize their full potential. A Registered Education Savings Plan (RESP) is a great beginning.

    Contributions earn investment income on a tax-sheltered basis, and for beneficiaries younger than 18 years old, contributions can be eligible for up to $500 per year in federal government Canada Education Savings Grants.

    An RESP is called an ESP (Education Savings Plan) until it is registered with Canada Revenue Agency (CRA).

    What types of plans are available?

    Family Plans can have multiple beneficiaries and allow a child's parents, grandparents, great grandparents, or siblings to contribute.

    Individual Plans have a single beneficiary. All family members (including aunts & uncles) and even friends can choose to designate a beneficiary whose designation is not restricted by age or blood relationships.

    For both family and individual plans, contributors and beneficiaries are required to have a social insurance number.

    How much can be contributed? The life-long contribution limit for each beneficiary is $50,000. There is no maximum annual contribution for your RESP. If your beneficiary is already age one, or older, he/she may be eligible to receive grants at a rate of $500 per year for each year he/she has been alive and a Canadian resident since 2007, and $400 per year for previous years in which he/she qualifies. We can help you customize a contribution schedule to maximize the amount of grants to which beneficiaries are entitled.


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