For Immediate Release
November 21, 2006

More deposit protection needed when retirement funds exceed present CDIC limits

Oakville, Ontario - Deposit Broker, Fiscal Agents says "its time the Government recognize that all guaranteed registered retirement investment products, whether its RRSP, RRIFs LIFs held at CDIC member financial institutions, should carry 100% Deposit Insurance protection"

Investors conscious of deposit insurance limitations and sensitive to interest rates returns, while seeking maximum income, find themselves choosing smaller or mid sized institutions - who offer higher than normal retail deposit rates on their retirement deposits accounts.

Canada Deposit Insurance Corporation (CDIC) coverage protects retirement deposits to a maximum of $100,000 per individual, per institution. Joint registration is only available with non-registered accounts.

As the advent of one spouses' demise heightens, seniors are becoming concerned that when widowed, retirement plan balances transferred to the surviving spouses name, could exceed the insurable value of CDIC deposit protection.

Over the last few decades' say's Martin Kosterman a retirement income specialist and senior advisor at Fiscal Agents. "We've seen retiring couples refocus portfolios towards income producing investments, securing fixed rate investments such as GICs and or long-term annuities".

The sometimes roller-coaster effect found in the equity markets, is less palatable for seniors as other lifestyle and time of life realities unfold. "Choosing the simplicity and protection of fixed income or conservative managed accounts is common practice, when security out-weighs growth" recounts Kosterman.

Most near retirees having recent memories of dealing with their own parents needs with liquidity and income requirement playing major rolls. With such valuable insights, better planning is being undertaken on their own accounts.

Over those same decades, near retirees having benefited from sound investment planning, have accumulated RRSP type portfolios in excess of the deposit insurance limits. Its likely couples having combined portfolios exceeding insurance limits could easily remedy potential exposure; therefore "we're advising a pre-staged advisory approach with this added factor being mitigated" say Kosterman.

In a recent representative industry study, conducted by Fiscal Agents for the Federation of Canadian Independent Deposit Brokers (FCIDB), it was discovered that all but 9 out of 10 respondent institutions would transfer the assets to the surviving spouse without regard to the insurance coverage. However, only those institutions with more than one CDIC member registration would be able to offer alternative protection through an affiliated company, if requested.

Unless the registered monies are transferred to a new carrier (not possible before the term expires), the surviving spouse's retirement monies are put at risk.

To continue with full coverage, the recently widowed would need to transfer any uninsured amount to another institution as investments mature. With the help of a no-fee deposit broker, this is an easer undertaking.

Fiscal Agents originally and successfully campaigned to have the government move CDIC insurance coverage to its present limit of $100,000.00 from its previous 21-year-old benchmark of $60,000. And is now embarking on behalf of its clients to press for 100% coverage for retirement accounts. For more information and to register, visit www.fiscalagents.com/fullcoverage.

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For more information contact David Newman at 905-844-7700.
Email: dnewman@fiscalagents.com
Website: www.fiscalagents.com

About Fiscal Agents:

Since 1977, Fiscal Agents Financial Services Group has grown considerably, combining the services of a Deposit Broker and the understanding of a Life Insurance Agency, and having recently partnered with IPC Investment Corporation (a member of Power Corp) in the provisioning of mutual funds distribution.

Fiscal Agents' advisor's are uniquely qualified to provide investment advisory services on guaranteed accounts, retirement income planning, investment funds and life insurance. They specialize in recommending products best suited to you and your family as well as to investment groups and individuals who manage trusts, estates, charities, organizations and religious organizations.

Fiscal Agents represents a large majority of Canadian financial institutions including Chartered Banks, Trust and Loan and Life Insurance and Investment Management firms.

From the backdrop of being one of Canada's foremost financial research houses, Fiscal Agents Financial Information Services publish The Fiscal Reports, a set of 12 annual financial services product studies. Our most public investment tools are the retail interest rates tables that we supply to Canada's national and regional newspapers including The National Post, Toronto Star, and Sun Media Group. Our seasonal specialty studies have included the Globe and Mail and the Globe's Personal Finance Library book entitled RRSPs 2000, authored by Steve Kelman.

More recently Fiscal Agents has become a major electronic presence with on-line and web site publishing via Webfin section on canoe.com, Canada largest web site with over 10 million page views per month. Fiscal Agents has been involved with other sites including Canada.com and nationalpost.com both interrelated and providing an Internet presence for Canada's largest newspaper group, Canwest Inc. Another unique site is sympatico.msn.ca, the joint effort of Bell Canada and Microsoft Internet sites. Yahoo is one of the worlds largest search engines with its Canadian portal yahoo.ca , its finance section is housing custom designed interactive interest rate calculators and worksheets.

Fiscal Agents are providing Canada largest newspaper the Toronto Star's web site with specialized consumer reports on such items as Drug dispensing fees, travel insurance fees and deposit interest rate surveys. Newer web based services also include financial calculators and worksheets Fiscal Agents has also been responsible for the creation of a professional advisors information resource service, that is provided to the financial industry via moneyguide.com

Millions of investors have access to our rate tables, using them to make informed decisions and purchases of Guaranteed Investment Certificates (GICs) , Registered Retirement Savings Plans (RRSPs) and Retirement Income Funds (RIFs). However, only Fiscal Agents clients have the extra advantage of using our no-fee placement service. To find out more about how it works, call (905) 844-7700 (local), (416) 447-7945 (Toronto) or toll free 1-800-663-5463. As you can see from our daily rate bulletin, we continually offer the interest rates from the best of the best.

Fiscal Agents is an independent minded company without ties to any financial institution, the sole objective of Fiscal Agents and its investment advisors is to provide unbiased investment services. We offer the widest choice of investment services and instruments from both financial institutions and Investment Managers in a highly personalized manner.

Note: For Internet links to the aforementioned web sites, click here

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