Did you recently see a debit or credit in your bank account and wondering what is IND ALL Savings MSP? This is a pre-authorized payment for an Industrial Alliance savings plan that you have setup. It can be for a RRSP or RESP with Industrial Alliance. You should get in contact with your iA advisor to get more information.
This pre-authorized debit (money leaving your account) for iA is a type of ACH payment. It is an automated payment that you have setup with this merchant/service/company. In general, the most common type of ACH direct payment is for insurance. Insurance companies will often collect monthly payments through pre-authorized ACH transfers. Have questions about ACH payments? You read what is an ACH payment.
How Can You Save Money with Industrial Alliance?
RRSP Registered Retirement Savings Plan: This registered retirement savings plan let’s you save money for your retirement. The earnings made in the plan are not taxed until you withdraw the money. Your contributions to your RRSP plan are tax deductible. Any contribution room can be carried over to the new year. When you sign up for this savings plan with iA, your bank account will be debited for the monthly contributions. This will likely appear on your bank account statement as IND ALL Savings MSP.
TFSA Tax-Free Savings Account: This tax-free account let’s you grow your investment tax-free and you can withdraw anytime during the year. Any withdrawals made in the current year will be made available for contribution for the next year. You can have stocks and other investments in the TFSA account.
When you contact Industrial Alliance, you can always cancel or stop your pre-authorized payments. In order for a company to debit your contact, they must have received your authorization to do so. This could be in the form of a physical document or electronic approval. For more information on who to contact, you can visit their Savings page.