TAX-EFFICIENT PLANS TO REDUCE YOUR TAXES

Save on taxes

Plans such as TFSAs, RRSPs and RESPs are all effective ways to help you save for retirement, education, or a coveted project, with tax benefits to save on taxes.

Let us help you pick the plan that fits you best according to your personal situation and your current and/or future needs. As you know, RRSPs and TFSAs are two very profitable registered savings plans because they allow you to save money tax-free. Which of these two savings tools suits you best?

 

A GREAT TOOL TO HELP YOU SAVE FOR RETIREMENT

RRSP

Deposit money into a Registered Retirement Savings Plan (RRSP) to reduce your taxable income. The RRSP deduction is important because it gives you tax benefits while helping you save for retirement and other financial needs. Moreover, during the first 60 days of the year, you can put money into your RRSP to receive tax deductions for the previous year. But do not wait until the last minute. Make contributions regularly (every month or pay day) and your savings will begin to grow faster. Moreover, the RRSP is transferable to the spouse tax-free upon death. Not contributing to your RRSP for a year can have a real impact on your retirement income goal. Borrowing to contribute to your RRSP may be more advantageous.

Borrowing to contribute to an RRSP

Our RRSP loans allow you to borrow to increase your annual RRSP contribution and make up for lost time. Not contributing to your RRSP for a year can have a real impact on your retirement income goal. Borrowing to contribute to your RRSP may be more advantageous. This is a particularly effective strategy when you apply your tax refund against your loan.

Which loan is right for you?

 

A SIMPLE WAY TO SAVE TAX-FREE AND CARRY OUT YOUR PROJECTS

TFSA

Tax-Free Savings Accounts (TFSAs) allow you to deposit money into a registered plan. The income from the plan is not taxable. So the TFSA allows tax-free saving to carry out your projects and build an emergency fund. You can deposit up to $6,000 per year into a TFSA. If you did not contribute the maximum amount in previous years, you may be able to deposit a higher amount in another year. Withdrawals of money from your TFSA are non-taxable and free of charge, regardless of the reason for withdrawal1 and can be repaid the following year. A TFSA can include almost any type of investment.

Certain restrictions may apply depending on the chosen investment

 

SAVING FOR YOUR CHILDREN'S EDUCATION

RESP

Easy saving for your children's or grandchildren's education. The Registered Education Savings Plan allows you to easily accumulate capital for the post-secondary education of your children or grandchildren. By investing in an RESP, you also benefit from advantageous government grants and your savings grow tax-free.

 

BUILDING A FUTURE FOR A PERSON WITH A DISABILITY

RDSP

The Registered Disability Savings Plan allows you to deposit money into a registered plan and transfer the plan's income to a person with a disability. Money deposited in a Registered Disability Savings Plan may be eligible for grants from the federal government. This may therefore be an additional source of income that is not taxable.