Individual Savings Annuity (ISA)

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Long Term Growth

An Individual Savings Annuity (ISA) is an investment offered through the Canadian Insurance Industry. Similar to Guaranteed Investment Certificates (GICs), it offers payments to you at the maturity of the investment. Prior to maturity, it allows you to grow savings with a number of investment term options, including a daily interest account and various guaranteed interest accounts. An ISA may be registered as an RRSP, providing immediate tax credits and deferring tax on interest earned.

Affordable Stability

A small initial lump sum and regular monthly contributions can generate solid returns. The value within the annuity grows (accumulates) as deposits are made and as it earns interest. Our ISA features two savings accounts:

  • Daily Interest Account - Interest compounded daily.

  • Guaranteed Interest Account - interest compounded annually and guaranteed for investment terms from nine months to five years.

Additional ISA Features

  • No front-end charges

  • Estate Protection: Upon your death, funds remaining in your account go directly to your beneficiary; they are not subject to probate fees. Registered funds left to a spousal beneficiary continue to defer income tax until they are received as income

  • Bonus Interest: Additional 1/4% bonus rate for Guaranteed Interest Accounts with a policy value exceeding $50,000; when the policy value totals $100,000 or more, you'll receive an additional 1/4%, and a third 1/4% for accounts over $200,000 - bringing your potential total bonus interest to 3/4%. (Bonuses apply to subsequent deposits and reinvestments. Bonuses are not part of the policy contract and may be changed at any time)

  • Potential Creditor Protection: When you name an eligible or irrevocable beneficiary, your ISA may be safeguarded from creditors.

  • RRSP eligible

  • Charges may apply if you surrender funds from a GIA before the end of its term.

Benefits of Membership

When you purchase an ISA you also receive the benefits of membership - people who care, information to help throughout life, and a means for you to be of help to others. Talk to your FaithLife Financial Representative today or contact our head office for more information.