Investment Products

RRSP’s

Registered Retirement Savings Plan

Registered Retirement Saving Plans (RRSP) are savings accounts designed to help Canadians save for retirement. You contribute money to your RRSP and the contributions are tax deductible, meaning they can reduce your taxable income. The investments in your RRSP can grow tax-deferred until you withdraw the money in retirement. When you withdraw the funds, they are treated as taxable income, but typically, you will be in a lower tax bracket during retirement, potentially resulting in lower overall taxes. RRSP’s are beneficial for long-term retirement savings and offer tax advantages.

TFSA’s

Tax Free Savings Accounts

Tax-free savings accounts (TFSA) are special savings accounts where you can grow your money without paying taxes on the investment gains. You contribute money to the TFSA with after-tax dollars, meaning you have already paid income tax on it. The advantage is that and interest, dividends or capital gains earned within the TFSA are not taxed when withdrawn. This makes TFSA beneficial for savings and investing, helping you keep more of your returns.

RESP’s

Registered Education Savings Plan

Registered Education Savings Plans (RESP) are savings accounts designed to help Canadians save for their children’s education. You contribute after-tax dollars to an RESP, and the money grows tax-deferred until it is withdrawn. The government also provides additional benefits, like the Canada Education Savings Grant (CESG), which adds money to the RESP based on your contributions and income. When the beneficiary (student) enrolls in post-secondary education, they can withdraw the funds for educational expenses. RESP’s are beneficial for easing the financial burden of education by providing a tax-efficient way to save and potentially receiving government grants to boost savings.

FHSA

First Homebuyer Savings Plan

First Home Savings Plans (FHSP) is an invaluable tool for individuals aiming to purchase their first home. These specialized accounts offer numerous benefits, including tax incentives and potential government contributions, making them an attractive option for aspiring homeowners. By providing favorable tax treatment and often higher interest rates, first homebuyer savings acounts facilitate faster accumulation of funds for a down payment, easing the financial burden associated with purchasing a home. Moreover, these accounts typically have specific eligibility requirements, ensuring that the benefits are directed towards those who need them most. Overall, first homebuyer savings accounts serve as a practical and effective means for individuals to realize their dream of homeownership while fostering financial stability and responsibility.