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Registered Education Savings Plan (RESP)

A registered education savings plan (RESP) is a financial vehicle that is specifically designed to build up savings for a child's post-secondary education.

The federal government permits the investment income from the RESP to grow tax sheltered as long as it is not withdrawn from the plan.

To encourage parents to invest in the future of their children, the federal government will provide a grant corresponding to 20% of the annual contributions paid into the plan, up to a maximum of $2,500 per year, per beneficiary. The lifetime maximum grant paid per beneficiary cannot exceed $7,200.

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Registered Disability Savings Plan (RDSP)

A registered disability savings plan (RDSP) is a saving plan that is intended to help parents and others to save for long-term for those who are eligible for the disability tax credit (DTC).

The maximum lifetime contribution is up to $200,000 with no annual contribution limit. Contributions are not tax-deductible and can be made until the end of the year in which the beneficiary turns 59. All earnings and growth increases on a tax-deferred basis.

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Tax-Free Savings Account (TFSA)

The TFSA is a unique tax-free savings program that can help you:

• Accumulate saving to fund personal projects, Tax Free.
• Place income generated by investment returns(existing investments, investment income, inheritances, donations, etc.) in a tax shelter account.
• Maximize your savings with retirement in mind.
• All withdraws are tax-free.

As of 2023, the current annual contribution limit is $6,500 per year.

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Registered Retirement Savings Plan (RRSP)

A registered retirement savings plan (RRSP) is a flexible, attractive savings tool. In addition to reducing your tax bill, it enables you to accumulate wealth and fund your retirement.

The contribution limit is 18% of earned income in the previous year up to annual dollar limit. Contributions into personal RRSP, spousal RRSP as well as group RRSP will count towards your annual limit. Any unused limit can be used in future years.

RRSP contributions are tax deductible. Both contributions and investment earnings are taxed upon withdrawal.

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Insured Annuity

An Insured Annuity strategy is perfect for those who have entered into retirement or are approaching retirement. If you are cautious with your capital and prefer fixed-income investments, we recommend this strategy for you. It consists of two separate, but complementary products, which are:

• A prescribed life annuity contract.
• An exempt permanent life insurance contract.

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Registered Retirement Income Fund (RRIF)

A registered retirement income fund (RRIF) allows an investor to convert his or her retirement savings into retirement income. Any time before the end of the year you turn 71, RRSPs must be converted to RRIFs. There is a minimum annual withdrawal required based on the value of the RRIF and the plan holder's age (or spouse's age) at the beginning of the year the withdrawal takes place. The payments made to you from your RRIF are taxable, but the investments in the RRIF continue to grow tax-deferred until they are withdrawn.

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