A RESP, or Registered Education Savings Plan, is a very smart way to maximize savings for your child’s educational future. With tuition costs rising every single year how will you assist your children in their efforts to obtain higher education – personal loans, 2nd mortgage?

There are several benefits to opening a RESP account with my assistance including:

• Tax-sheltered investment growth
• The option to open for one child, or a flexible plan for the whole family
• Ability to transfer funds between RESP accounts
• Can be opened by grandparents for their grandchildren
• You can add or change beneficiaries at any time
• Eligibility for government grants to add even more to your child’s savings
• Unused funds can be transferred over to your RRSP
• RESP plans allow for additional flexibility in case of children taking a year off after High School
• Options to transfer funds from RESP to child RDSP plans
• Personalized investment portfolios

Strategic Savings for Your Future

There are Lifetime contributions limits, annual and lifetime grand & bond limits. As RESP plans can be tailored to meet your family’s needs and budget it is best to work with an experience financial planner to create strategic plan to ensure proper funding for your children post secondary education. Feel free to reach out to me today to schedule a free meeting to discuss your situation at (905) 819-5342

In 2008 Canadian Government introduced TFSA account which provides unique tax strategy for all Canadian residence over the age of 18. A Tax-Free Savings Account (TFSA) allows you to earn tax- free investment income in a general yet flexible account. A TFSA compliments other registered savings plans you might have including a Registered Retirement Savings Plan or a Registered Education Savings Plan. Eligible investment options for TFSA accounts are high interest savings accounts, GIC and market linked GIC, Term deposits, Mutual Funds, Segregated Funds, stocks and ETF.

Characteristics of a TFSA include but are not limited to:

• As of 2021 lifetime contributions room available is $75,500
• Each year additional contribution room is created (currently set at $6,000) and unused contribution room rolls over to future years
• Income earned through a TFSA is tax-free as are withdrawals from your account
• Several investment options to contribute to your account
• Contributions to your TFSA are not tax-deductible
   

Did you know:

You can designate your spouse as successor holder rather then beneficiary to maximize tax free transitions of your assets in case of pre-mature death.

Working with an expert:

With my many years of experience dealing with complex financial situations and concepts I can help you set up a TFSA investment account that will provide you with excellent tax-free income to supplement your savings during your retirement years. Call me at (905) 819-5342 to discuss more!

An RDSP, also known as a Registered Disability Savings Plan, provides financial security through the ability to save future funds for people with disabilities.

There are several advantages to opening a RDSP account including:

• Eligibility for government assistance including grants and bonds
• Income earned through the account is tax free until it is withdrawn
• Even with an RDSP, you can still qualify for most social assistance programs
• Ability to transfer funds from RESP over to RDSP



With a proper will and estate strategies (advice and services of Estate and Wills attorney are required) your wealth can be transferred over to your depended children while minimizing taxes and ensuring long term financial support is achieved.

I assisted my clients over several years in creating proper financial strategies to deal with complex financial family planning challenges. I am available to give you the most current information and advice available. I can answer any questions you have about opening an RDSP investment account for yourself or for a loved one. If you would like to meet to discuss, call me at (905) 819-5342 to set up an appointment. I offer standard no-obligation investment reviews and won’t pressure you into any account you are not ready for! Let me help give you the investment security you have been looking for.

The most common account type used by individuals to reach their retirement funding goals is RRSP, but there are more options available especially for incorporated professionals.

An RRSP investment, or Registered Retirement Savings Plan, is a holding account for your savings and investments. As a financial advisor in the greater Toronto area, I can provide you with the information and advice you need in order to utilize this potentially beneficial tool.

RRSP’s have 5 major characteristics:

• Taxes on income from employment (including self-employment) that are contributed to the plan are deferred until you withdraw funds from the plan.
• Income earned inside the plan is not subject to taxes while it is still held in your account.
• Your tax rate when you withdraw funds may be different than when you paid originally to make a contribution.
• By deferring your income until retirement, your additional income from the account may reduce the benefits Canada provides to assist retired people.
• The tax deduction for your contribution to the account may be deferred for a year, but there is an “opportunity cost” penalty for the delay which taxes the potential income you could have earned within that year.
• Tax deferred transfer to surviving spouse or dependent children are available

Currently, there are several investment options available to be used within your retirement savings account such as term deposits, GIC, Mutual Funds, ETF, Segregated Funds, Annuities, Hedge Funds, Portfolios, Stocks and Bonds. Your account can be set-up as Commission based, Fee-For-Service or Self-Directed.

What to do when you leave your employer?

Many businesses provide a group retirement plans for their employees. There may be a Group RRSP, DPP, Define Benefits or Define Contributions group plans. You do have options if you are no longer part of the group benefit plans. As a past employee accumulated retirement funds are yours to keep and transfer options are available. Depending on the structure of your group plan you may need to open a LIRA, LRRSP, RRSP or annuity account.

Why working with an experience investment planner/advisor?

Each situation is different and each group plan provides different transfer options often referred to as “Commuted Values”. During past 18 years I assisted my clients in such transactions. As an expert in the tax planning, retirement planning and finances I provided personalized strategies that match my client’s investment goals to ensure lifetime financial freedom.

Give me a call at (905) 819-5342 to discuss your retirement options and what is best for. I look forward to working with you!