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Tax Wise Investor

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Registered Education Savings Plan Canada

Registered Education Savings Plan (RESP)

The Basic Canada Education Savings Grant (and other government grants) and tax-deferred growth make RESPs an attractive way to save for the rising cost of a child's education.  

Click here to learn more.

Tax-Free Savings Accounts (TFSA)

TFSA is a flexible, general purpose savings vehicle that allows you to make contributions each year and to withdraw at any time in the future. A TFSA provides you with a powerful incentive to save by allowing the investment growth to accumulate and be withdrawn tax free. However, unlike a RRSP, you cannot claim a tax deduction for contributions you make to a TFSA and your withdrawals are added back to your unused contribution room for the following year.

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If you would to read more about this account type, please click here.

Tax Free Savings Accounts
Registered Retirement Savings Plan

Registered Retirement Savings Plan (RRSP)

RRSPs provide a significant opportunity for Canadians to save and investors generally recognize them as the best way to save for retirement.

Key benefits of a Registered Retirement Savings Plans (RRSPs):

  • Investments compound tax-deferred as long as they remain in the plan

  • Choose your investments from a wide range of options

  • Contributions are tax-deductible

Click here to download a useful and informative guide on Registered Retirement Savings Plans (RRSPs). 

Spousal Registered Retirement Savings Plans (SRRSP)

Now that we have pension income splitting, are spousal RRSPs a thing of the past? At first glance, it would appear that Spousal Registered Retirement Savings Plan (RRSPs) are no longer needed because the pension income splitting rules allow couples to split their income once their RRSPs become Registered Retirement Income Funds (RRIFs). Nevertheless, there are situations in which spousal RRSPs can offer some advantages. 

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Click here to read more.

Spousal Retirement Savings Plans
Registered Disablity Savings Plan

Registered Disability Savings Plans (RDSP)

People with disabilities and their loved ones face a distinct set of financial challenges throughout their lives. To help address these challenges, in 2008 the Government of Canada introduced the Registered Disability Savings Plan (RDSP). Designed to help build long-term financial security for disabled persons, the RDSP makes it easier to accumulate funds by providing assisted savings and tax-deferred investment growth.

This informative brochure explains the main features of the RDSP and provides some examples to illustrate how the RDSP can best be used.

Charitable Giving

Giving to charity is a strong tradition in Canada. But with cutbacks, the amount of public funding received by charitable organizations from the government has been dramatically reduced. This leaves many organizations in a precarious financial situation: with more fiscally conservative governments, aging populations and escalating operational costs, many charities are faced with the reality of being unable to maintain effective levels of service.

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Click here to download the Charitable Giving Guide.

Charitable Giving Canada
Registered Retirement Savings Plan-Locked in Plans

Locked-In Plans

Locked-in plans are when employers and employees’ vested contributions and interest are transferred into a Registered Retirement Savings Plan until the investor reaches a specific age (anywhere from age 50 to 70) depending on the pension legislation applicable to your plan.

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Locked-in Retirement Account (LIRA), Locked-in Retirement Savings Plan (LRSP), and Restricted Locked-in Savings Plan (RLSP) are locked-in versions of a Registered Retirement Savings Plan (RRSP) to which no contributions can be made.

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Life Income Fund (LIF), Locked-in Retirement Income Fund (LRIF), Prescribed Retirement Income Fund (PRIF) and Restricted Life Income Fund (RLIF) are locked-in versions of RRIFs. No contributions can be made and withdrawals are subject to annual minimums and maximums.

Tax-Managed Investing | How are we going to pay for all this? Part Two
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Tax-Managed Investing | How are we going to pay for all this? Part Two

Disclosures: Fund objectives, risks, charges and expenses should be carefully considered before investing. A summary prospectus, if available, or a prospectus containing this and other important information can be obtained by calling (800) 787-7354 or visiting https://russellinvestments.com. ๐—ฃ๐—น๐—ฒ๐—ฎ๐˜€๐—ฒ ๐—ฟ๐—ฒ๐—ฎ๐—ฑ ๐—ฎ ๐—ฝ๐—ฟ๐—ผ๐˜€๐—ฝ๐—ฒ๐—ฐ๐˜๐˜‚๐˜€ ๐—ฐ๐—ฎ๐—ฟ๐—ฒ๐—ณ๐˜‚๐—น๐—น๐˜† ๐—ฏ๐—ฒ๐—ณ๐—ผ๐—ฟ๐—ฒ ๐—ถ๐—ป๐˜ƒ๐—ฒ๐˜€๐˜๐—ถ๐—ป๐—ด. Morningstar U.S. Equity Universes includes US Fund Large Blend, US Fund Large Value, US Fund Large Growth, US Fund Mid-Cap Blend, US Fund Mid-Cap Value, US Fund Mid-Cap Growth, US Fund Small Blend, US Fund Small Value, US Fund Small Growth. Methodology for Tax Drag: Includes all open-ended investment products โ€“ mutual funds/ETFs that are both active and passive. Tax Drag reflects the arithmetic average of Morningstar Tax Cost Ratio. Data includes all share classes and reflects Morningstar category of US Equity. Morningstarโ€™s tax cost ratio assumes the highest possible applicable tax rates, including the 3.8% net investment income tax. Many investors are not subject to the highest rates. Note that tax drag calculations only apply to taxable accounts. The Morningstar categories are as reported by Morningstar and have not been modified. ยฉ 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns. Nothing contained in this material is intended to constitute legal, tax, securities or investment advice, nor an opinion regarding the appropriateness of any investment. The general information contained in this publication should not be acted upon without obtaining specific legal, tax and investment advice from a licensed professional. Russell Investmentsโ€™ ownership is composed of a majority stake held by funds managed by TA Associates with minority stakes held by funds managed by Reverence Capital Partners and Russell Investmentsโ€™ management. Frank Russell Company is the owner of the Russell trademarks contained in this material and all trademark rights related to the Russell trademarks, which the members of the Russell Investments group of companies are permitted to use under license from Frank Russell Company. The members of the Russell Investments group of companies are not affiliated in any manner with Frank Russell Company or any entity operating under the โ€œFTSE RUSSELLโ€ brand. Copyright ยฉ 2020 Russell Investments Group, LLC. All rights reserved. This material is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Russell Investment Group. It is delivered on an โ€œas isโ€ basis without warranty. ๐—ฅ๐˜‚๐˜€๐˜€๐—ฒ๐—น๐—น ๐—œ๐—ป๐˜ƒ๐—ฒ๐˜€๐˜๐—บ๐—ฒ๐—ป๐˜ ๐—–๐—ผ๐—บ๐—ฝ๐—ฎ๐—ป๐˜† ๐—บ๐˜‚๐˜๐˜‚๐—ฎ๐—น ๐—ณ๐˜‚๐—ป๐—ฑ๐˜€ ๐—ฎ๐—ฟ๐—ฒ ๐—ฑ๐—ถ๐˜€๐˜๐—ฟ๐—ถ๐—ฏ๐˜‚๐˜๐—ฒ๐—ฑ ๐—ฏ๐˜† ๐—ฅ๐˜‚๐˜€๐˜€๐—ฒ๐—น๐—น ๐—œ๐—ป๐˜ƒ๐—ฒ๐˜€๐˜๐—บ๐—ฒ๐—ป๐˜๐˜€ ๐—™๐—ถ๐—ป๐—ฎ๐—ป๐—ฐ๐—ถ๐—ฎ๐—น ๐—ฆ๐—ฒ๐—ฟ๐˜ƒ๐—ถ๐—ฐ๐—ฒ๐˜€, ๐—Ÿ๐—Ÿ๐—–, ๐—บ๐—ฒ๐—บ๐—ฏ๐—ฒ๐—ฟ ๐—™๐—œ๐—ก๐—ฅ๐—”, ๐—ฝ๐—ฎ๐—ฟ๐˜ ๐—ผ๐—ณ ๐—ฅ๐˜‚๐˜€๐˜€๐—ฒ๐—น๐—น ๐—œ๐—ป๐˜ƒ๐—ฒ๐˜€๐˜๐—บ๐—ฒ๐—ป๐˜๐˜€. First used August 2021. RIFIS 24086 Exp0824

Capital Dividend Account

A capital dividend account (CDA), combined with capital gains-generating investments, may provide tax-efficient income for Canadian business shareholders.

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If you would to read more about this account type, please click here.

Capital Divident Account

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