Tax Wise Investor
What type of investor are you?
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)
A 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 A TFSA provides you with a powerful incentive to save by allowing the investment growth to accumulate and be withdrawn tax free.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.
If you would to read more about this account type, please click here.
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):
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Investments compound tax-deferred as long as they remain in the plan
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Choose your investments from a wide range of options
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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.
Click here to read more.
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.
Click here to download the Charitable Giving Guide.
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.
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.
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.