A Spousal RRSP (SP RSP) works the same way as a Registered Retirement Savings Plan (RRSP), however your spouse owns the account.  When you make contributions, you will receive a tax deduction.  This type of account can be useful for tax planning and can be especially beneficial for a couple where one earns considerably more than the other by creating a more equal balance between incomes.  It can also be a good account to have if one partner has a work pension plan and the other doesn’t.  

As with any financial goal or endeavor, you will benefit from working with a financial planner.  If you and your spouse are looking for ways to maximize your finances, book your free consultation today.

Investing simply means putting your money to work so it can make you more money.  There are many different ways you can go about investing.  This includes putting money into mutual funds, segregated funds or GIC’s.  Each investment has its own set of characteristics and some investments will be better suited to you than others.  

If you are 18+, you can open an investment account.  If you are younger than 18, in order to begin investing your money, your investment activity needs to be done through something called an "In Trust For"(or "ITF") account.  This can be opened by an adult you trust and can be transferred into your name when you turn 18.

Financial situations and comfort levels with investment risk differ from person to person, therefore we choose not to give general advice on this subject.  Instead, we encourage you to allow us to help get you on the right track with a personalized plan for financial success.  Click here to book your free consultation today.

A corporate account is an investment account that gives your business access to mutual funds, segregated funds and Guaranteed Investment Certificates (GIC’s).  This is better than using a savings account for your business because the money you contribute has a chance to grow and keep up with rising inflation.  This type of account can be great for any company making more money than they know what to do with, or any business that has cash reserves.

Book your free consultation today.

A non-registered account is a general investment account that is flexible, offers tax benefits and has no contribution limit.  There are tax implications that can be created on these accounts and, like any other account, there are rules and regulations to consider, so it is best to work with a financial planner on your goals.  Book your free consultation today.

If a child is younger than 18, any investment activity on their behalf needs to be done through something called an “In Trust For” account (aka. ITF account).  Typically, this account is opened by a parent(s), guardian(s) or family member(s) but it can also be opened by a close family friend or other relation.  In any case, this type of account will be managed by the person who opens it until the child is 18.  When the child turns 18, the account can then be transferred into their own name.  

If you are ready to help establish some savings for an important child in your life, book your free consultation today.

Student loans… yikes!

This isn’t the only way for a child to go to post-secondary school.  Aside from applying for scholarships, bursaries and grants, a Registered Education Savings Plan (RESP) is a great way to save money for a child’s education.  There is a limit on the amount of money you can contribute each year, but if you get started early, you can still save a lot of money because yearly contributions can be made up to (and including) the year the child turns 17.  The Canadian government also pays a 20% education grant into the child’s RESP each year, which helps to save more!  Based on household income, the child may also be eligible to receive additional grants from the government.

Save your child from having to endure years of debt created by student loans; book a free consultation today.

A Registered Disability Savings Plan (RDSP) is a savings plan intended to help save money for someone who is eligible for the disability tax credit (DTC).  This money will go toward their long-term financial security.  

An RDSP is similar to a Registered Retirement Savings Plan (RRSP) in that it is a tax-sheltered account.  This means the money in the account grows tax-free.  With an RDSP, the account holder may also enjoy substantial grants as long as the RDSP has been opened before they are 49 years old.

There are many rules and regulations to be aware of when it comes to tax implications or whether or not you can receive substantial grants, so make sure you speak with a financial planner to better understand what an RDSP can do for you.  Book your free consultation today.

Do you have a savings account with your bank?  

A Tax-Free Savings Account (TFSA) is like a savings account, however the main difference is that a TFSA can be treated like a savings account or an investment account.  What makes it such an attractive option is that you will not be taxed on earnings within a TFSA (like interest, dividends and capital gains).  Furthermore, you can conveniently withdraw money from your TFSA at any time without having to pay taxes on it.  Just be aware — there are specific rules in place to make sure you do not over-contribute, which could lead to a surprise tax charge.  

As with any financial goal or endeavor, you will benefit from working with a financial industry professional.  If you feel ready to receive the perks of having a TFSA, we can help you get the most out of it and keep you from making costly mistakes.  Book your free consultation today.