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RRSP, TFSA, RESP, Non Registered Investments, RDSP & LIRA
Choosing the right plan. With increased flexibility and self-serve options, saving can be easy. Not sure which type of savings account is right for you?
Whether you are saving for your child’s education or simply want to grow your investment portfolio, our team will work with you to determine the best choice for your unique needs and financial goals.
RRSPs
TFSAs
A tax-free savings account, or TFSA, is a registered investment program.
With this type of account, you can contribute up to $5,500 a year* and choose the types of investments you want to make.
Key features:
1. You don’t pay tax on the money you earn
2. You can withdraw funds at any time without penalty
3. You can re-contribute money that you withdraw
To find out if a TFSA is right for you, speak to one of our advisors today. *you can make up contributions you may have missed since the program started in 2009
TFSAs
A tax-free savings account, or TFSA, is a registered investment program.
With this type of account, you can contribute up to $5,500 a year* and choose the types of investments you want to make.
Key features:
1. You don’t pay tax on the money you earn
2. You can withdraw funds at any time without penalty
3. You can re-contribute money that you withdraw
To find out if a TFSA is right for you, speak to one of our advisors today.
*you can make up contributions you may have missed since the program started in 2009
RESPs
A registered education savings plan, or RESP, allows family members to save for child’s post-secondary education.
With rising education costs, this type of tax-sheltered savings account helps you plan ahead for your children’s future.
Key features:
1. Can be set up for any beneficiary—children, grandchildren, nieces, nephews, or family friends
2. You could be eligible for additional government grants and incentives
Your savings grow tax-free in the plan
3. An RESP is a great way to give your children a head start while helping you stick to a savings plan.
Contact us today to get in touch with an expert advisor, who will get to know your specific financial goals and help you put together a plan to reach them.
Unlike registered investments, non-registered investments have fewer restrictions; you can invest as much money as you like, in the investment types that you prefer.
These plans aren’t tax sheltered, so you need to report any income you earn on your tax returns.
You may prefer this type of investment if:
1. You’ve maxed out your RRSP and TFSA contributions
2. You want to have more control over where and how you invest
3. You want to save for something short-term
4. You want greater liquidity
5. You’d like to save for children or grandchildren with an in-trust account
Non Registered Investments
If you want greater flexibility over your savings, a non-registered investment may be right for you. Our team of expert advisors can help you gain a better understanding of your options — contact us today.
RDSPs
A Registered Disability Savings Plan (RDSP) is a tax-deferred savings account to assist parents and caregivers with saving for the long-term financial security of a person who's eligible for the Disability Tax Credit (DTC).
Canadian residents under 60 years of age and eligible for the Disability Tax Credit (DTC) can have an RDSP established.
Key features:
1. Matched contributions – The federal government will match contributions, up to a specified amount, to the RDSP with the Canada Disability Savings Grant.
2. Canada Disability Savings Bond – The federal government will pay bonds of up to $1,000 a year to qualifying recipients, even when no contributions are made.
3. Tax-exempt income – Earnings generated on qualified investments within your RDSP are tax-exempt until withdrawn from the account.
4. Anyone can contribute – Anyone can contribute to an RDSP with the written permission of the plan holder.
Contact us today to get in touch with an expert advisor, who can assist you in getting the information you need.
LIRA
Types of LIRAs
If you have a pension plan through your employer and you leave your job, you’ll have to decide what to do with your pension.
One of your options may be to transfer it into a LIRA.
In a LIRA, your savings will be kept “locked-in,” which means you won’t be able to withdraw money until you retire.
On one hand, that means you can’t access it for expenses like education or housing; on the other, that makes it easier to be sure your money is there when you’re ready to turn it into retirement income.
Key features:
1. Locked-in Retirement Account (LIRA) is a registered account that holds funds tax deferred. These funds are transferred from a provincially regulated employer-sponsored pension plan.
2. Locked-In Retirement Savings Account (LRSP) is a registered account similar to a LIRA but is subject to federal legislation.
3. Life Income Fund (LIF) is a registered account that holds funds being transferred from a LIRA or your employer pension plan. The purpose of the account is to hold and pay out pension funds upon retirement. There are minimum and maximum annual withdrawal amounts, and regulations vary by province.
4. Locked-in Retirement Income Fund (LRIF) is available in some provinces to pay out pension funds upon retirement. Similar to a LIF but with different maximum withdrawal amounts, an LRIF enables you to convert your retirement savings into retirement income.
5. Prescribed Retirement Income Fund (PRIF) is a registered plan available only in Saskatchewan and Manitoba. This account provides for greater flexibility upon retirement than a LIF.
To find out if a TFSA is right for you, speak to one of our advisors today.
*you can make up contributions you may have missed since the program started in 2009
Contact us for more information these options to as it applies to your needs.
One of our Experienced Advisors will respond.