Savings + Planning
Registered Retired Savings Plan - RRSP's
A Registered Retirement Savings Plan (RRSP) is an account, registered with the federal government, that you use to save for retirement. RRSPs have special tax advantages.
RRSPs are tax-deferred, meaning any money contributed will earn tax refunds in the year the deposit is made. It will only be taxed years down the line when it is withdrawn. RRSPs are well known as a way to cut down a current-year tax bill. Your tax shelter interest you make, grows tax shelters as well.
Tax-deferred doesn’t mean tax-free eventually taxes will have to be paid when the money is withdrawn years down the line in retirement your incomes will certainly be lower and, thus, tax rates will be lower than they currently are today.
Registered Education Savings Plan
A Registered Education Savings Plan (RESP) is a government-registered plan that helps you save for a child’s post-secondary education.
The federal and provincial governments offer grant and incentive programs ‑ without impacting your RESP contribution room. You can contribute up to 50K per child, and there are no taxes payable on the money earned in an RESP until it’s withdrawn. We can help you discover how tax-sheltered growth in an RESP can build a post-secondary education fund for your children.
Tax-Free Savings Account - TFSA's
A Tax-Free Savings Account (TFSA) is a registered investment savings account that allows for tax-free growth. A TFSA can be used for any savings goal and withdrawals can be made free of tax, today, tomorrow or whenever you need, always tax free. The amount of money that can be contributed to a TFSA is limited each year.
By planning for tomorrow today, you can retain more of your assets, protect your estate and leave a lasting legacy for your family. Given the wide range of objectives you may wish to achieve, proper estate planning requires careful consideration of many factors. An estate plan can reduce the taxes and expenses of an estate, simplify and speed up the transition of assets to your beneficiaries and ensure that beneficiaries are protected. Let our advisors make the most out of your estate.