SAVING & INVESTING
Find out which option is best for you: RRSP’S, RESP’S, TFSA’S
RRSP’S: Also known as Registered Retirement Savings Plan, is a savings plan registered with the Canadian federal government. Contribute to your account for retirement purposes.
Benefits of an RRSP:
✔️ A way to for retirement
✔️ “Tax-advantaged”: meaning, you don’t pay tax on the income in your account until it is withdrawn.
✔️ Your funds are tax-sheltered while they sit in your RRSP account
RESPs are a way to put money aside for your child’s education.
Benefits of an RESP:
✔️ A great way to save for your child’s education
✔️ Provides tax-deferred growth
✔️ The government provides up to a 20% percent match on up to $2,500 contributed per child annually
TFSA: Also known as a Tax-Free Savings Account where you can earn income, capital gains and dividends tax-free
Benefits of a TFSA:
✔️ Money grows tax-free
✔️ Short-term savings so you can withdraw funds anytime
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