Whether retirement is right around the corner or decades away, planning for the future is just a smart thing to do. Not only will it set you up for a comfortable financial future, it can also help you make the most of your current income.
Registered Retirement Savings Plan (RRSP)
‘RRSP’ is a pretty common term, but there’s a lot more to a Registered Retirement Savings Plan than putting your money in and waiting for retirement to cash out. RRSPs are a great tool for retirement savings, but they also:
- offer tax relief
- shelter your income
- can be used toward the purchase of your home
- can be used to fund your education
- offer you a way to diversify your portfolio
- give you the benefit of compound interest
We also offer RRSP loans to help you start or boost your RRSP savings strategy.
We can help you with all of your RRSP needs. For more information or to book an appointment with one of our Retirement Planning specialists, contact us.
Registered Retirement Income Fund (RRIF)
After your 71st birthday, you’ll need to convert your RRSP into a Retirement Income Option. One of these options is a Registered Retirement Income Fund (RRIF). In a RRIF:
- your funds remain tax sheltered
- you’re still in control of how they’re invested
- you can convert to a more secure guaranteed income at any time
You can draw from your RRIF as often as you like, but anything you withdraw is considered income and subject to taxes.
We can help you with all of your RRIF needs. For more information or to book an appointment with one of our Retirement Planning specialists, contact us.
Registered Education Savings Plan (RESP)
Creating possibility often goes hand in hand with a higher education. But it’s also a big investment. RESPs are one of the best savings tools you can use to create this possibility for your children, grandchildren or yourself. With RESPs:
- you can contribute up to a lifetime maximum of $50,000 per child
- you can receive up to $500 per beneficiary per year from the Canadian Education Savings Grant
- all the money earned within the plan grows tax-free until it’s withdrawn
- only the accumulated interest is taxable as income once the beneficiary enrolls in his/her studies
We can help you with all of your education planning needs. For more information or to book an appointment with one of our Education Planning specialists, contact us.
Tax Free Savings Account (TFSA)
When it comes to building a rainy day fund, there’s nothing more flexible than the Tax Free Savings Account. Introduced to Canadians in 2009, this registered savings account allows you to a maximum per year and withdraw funds whenever you’d like, all without paying any taxes on the investment income you earn. With a TFSA, you can:
- earn income tax-free
- make income-tax free withdrawals whenever you’d like
- contribute a maximum per year
- carry your unused contributions forward indefinitely
- access your account whenever you’d like
- hold a variety of investments
We can help you with all of your TFSA needs. For more information or to book an appointment with one of our Investment Planning specialists, contact us.