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Savings and Retirement

Registered Retirement Savings Plan

A Registered Retirement Savings Plan (RRSP) can be an effective way to save for your retirement. RRSP’s were introduced by the Canadian government to encourage saving specifically for this need. In the past, individuals relied upon company and government-sponsored pension programs to provide income for retirement. Today, career changes, early retirement, longer life expectancy and more active retirement lifestyles create a need for individuals to save in order to fully enjoy their retirement.

The advantages of opening up an RRSP include:

  •  Contributions are tax deductible, reducing income tax payable
  •  You can invest your contributions in a variety of different investments including but not limited to: GIC’s, Mutual Funds, Segregated funds, Stocks and Bonds
  •  Tax sheltered growth, which has the potential to greatly accelerate the accumulation of savings
  • Special withdrawal programs (eg. Home Buyers Plan, Lifelong Learning Plan)

If saving for retirement is a financial priority for you, contact us today to see how we can effectively put your money to work for you.

Registered Education Savings Plan

A Registered Education Savings Plan (RESP) can be an effective way to save for your child’s education. The rising cost of tuition is making it difficult for families to save enough to afford post-secondary education. In addition to interest earned on your investment, RESPs offer tax benefits and allow you to take advantage of grants from the federal government.

The advantages of opening up a RESP include:

  • May be eligible for the Canadian Education Savings Grant (CESG) and the Canada Learning Bond (CLB) from the federal government
  • Benefit from Tax-deferred growth on your investments
  • Can contribute to a plan as soon as your child is born

If saving for your child”s education is a financial priority to you, we can build a portfolio that matches your tolerance for risk and time horizon. Contact us today to start planning for your child’s future.

Registered Disability Savings Plan

A Registered Disability Savings Plan (RDSP) helps Canadians with disabilities and their families save for the future. With tax deferred investment growth, along with generous government grants and bonds make the RDSP a powerful investment tool.

The advantages of opening up an RDSP include:

  • May be eligible for Canada Disability Savings Grant (CDSG) and Canada Disability Savings Bond (CDSB)
  • Can help overcome the possibility that a person with a disability will have lower earnings potential and face considerable medical expenses during his or her lifetime
  • Investment returns remain untaxed as long as they stay in the plan

For more information on RDSP’s contact us today to see how we can provide long term financial security planning for you or your family members with a disability.

Tax Free Savings Account

A Tax Free Savings Account (TFSA) can be an effective way to save for short and long term goals. You pay no income tax on any investment growth in the plan, and no tax when you withdraw your savings.

The advantages of opening up a TFSA include:

  • For those who have maximized their RRSP contributions, a TFSA will provide you with another investment vehicle with tax advantaged savings for retirement
  • Can contribute up to $5,000 per year (indexed starting in 2013). Any unused contribution room may be carried forward to future years
  • There is no maximum age after which savings must be converted into income
  • Withdrawals will not affect income eligibility to various income-based credits such as Old Age Security

For more information, contact us today to see how we can put together an action plan to get your saving priorities on track.