RESPs, RRSPs and TFSAs - Which one is right for you?
When it’s time to decide which mix of savings vehicles is right for you, your options can start looking like a hearty bowl of alphabet soup. Click here to learn more about each of them.
Registered Education Savings Plans (RESPs)
A Registered Education Savings Plan (RESP) is an investment vehicle primarily used by parents to save for their children's post-secondary education.
The primary benefits of using an RESP to save for your children's education include access to the Canadian Education Savings Grant (CESG) and the ability to shelter the RESP's growth from taxes until funds are withdrawn.
There's lots to know about RESPs and how they fit into your family's overall financial picture. For more information, please feel free to contact us.
RRSPs - The Facts
Almost everything you need to know about RRSPs. If you are like most Canadians, chances are you could use some help when it comes to saving for retirement. When used to its full advantage, an RRSP can be a powerful tool that can save you money. Click here to learn more.
Tax-Free Savings Account (TFSA)
The Tax-Free Savings Account (TFSA) allows Canadians, age 18 and over, to set money aside tax-free throughout their lifetime. Each calendar year, you can contribute up to the TFSA dollar limit for the year, plus any unused TFSA contribution room from the previous year, and the amount you withdrew the year before.
The annual TFSA dollar limit for 2017 is $5,500.*
All income earned and withdrawals from a TFSA are generally tax-free. Plus, having a TFSA does not impact federal benefits and credits. It's a great way to save for short and long-term goals.
To learn all the facts, please contact us.
* For more information, please visit Canada Revenue Agency's TFSA website.