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RESP ( Registered Education Savings Plan )

RESP is an investment plan specially designed for your child’s education. When you invest in RESP the money is saved tax free and kept exclusively for your child’s education. According to expert reports by the year 2020 the cost of four years of university study is likely to cost over $100,000. Hence it is wise to plan the future of your child’s education in advance. RESPs are offered by many financial institutions. You should be careful while choosing your provider, as they will be responsible for managing your contributions, as well as making the payments to the child named in the plan. The beneficiary need not necessarily be your own child. You can designate your grandchild, nephew, niece or anybody.


RRSP (Registered Retirement Savings Plan )

If you want to hold your savings tax free for your retirement then RRSP is the choice for you. RRSP is designed by the Canadian government to meet your retirement needs. Anyone who is under the age of 71 who has earned income can make RRSP contribution. Earned income includes salary or wages, alimony received, and rental income, among other income sources, but does not include resources such as investment income. You can also invest this money in various investments. Any income your RRSP investment earns will also be tax exempt as long as the funds remain in the RRSP. You only need to pay tax on the amounts you withdraw before your retirement.

You can also borrow the money to invest in RRSP, we do offer that option.


Segregated Funds

Segregated fund is a type of pool investment which guarantees a specific percentage return upon maturity. It is somewhat similar to mutual fund but is offered through an insurance company. The term "segregated" is used because the funds are kept separate from the issuing company's other investment funds. Your net premiums are invested in the segregated funds of an insurer. These funds are subsequently invested in securities such as stocks, bonds and money market investments. The primary difference between segregated fund and mutual fund is that there is principal guarantee on maturity or on death, and also the funds are creditors protected. The estate value is protected at death and the beneficiaries receive either the guaranteed death benefit or the market value depending on which ever is greater. Hence segregated fund is considered to be one of the best options for investment.



Save for life's big events, not just retirement, invest in Tax-Free Savings Account (TFSA).

You can save tax-free and still have the flexibility to withdraw your savings at any time†, for any purpose – you decide why and when.

Does It Give Great Rate!

The interest we pay usually is reserved for investments that make you lock away your money at other banks. Our interest rates give you the power to Save Your Money.

Wow! What Is This TFSA?

The 2008 federal budget contained a bonus that almost every Canadian can benefit from: a Tax-Free Savings Account ("TFSA"). It allows you to set money aside in eligible investment vehicles without paying tax on the income and gains earned within the TFSA. .

  1. You can open a Tax-Free Savings Account if you are 18 years of age and a Canadian resident
  2. You can contribute up to $5,500 annually in a tax-free account, regardless of your income
  3. Eligible investments include cash deposits, GICs, mutual funds*, stocks and bonds

Will it affect Government Benefits?

No. withdrawals from your Tax-Free Savings Account don't affect your ability to qualify for Federal benefits like the Child Tax Benefit, Guaranteed Income Supplement, Old Age Security benefits, Age credit, or Goods and Services Tax credit – so you're not penalized for saving.

Can I have More Than One?

Oh Yes! But the limit is $5500 per year.

It is WORTH A DISCUSSION , call us or visit us ASAP.

*Mutual fund license sponsored by Shah Financial Planning Inc.
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