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Knowledge Centre


Below is a brief explanation of some of the products we offer. Please contact an our office for more information.


Registered Retirement Savings Plan (RRSP)

An RRSP is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax.

Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan; you generally have to pay tax when you receive payments from the plan.

To learn all the facts, please contact us.

Source: Canada Revenue Agency


Tax-Free Savings Account (TFSA)

The Tax-Free Savings Account (TFSA) allows Canadians, age 18 and over, to set money aside tax-free throughout their lifetime. Each calendar year, you can contribute up to the TFSA dollar limit for the year, plus any unused TFSA contribution room from the previous year, and the amount you withdrew the year before.

All income earned and withdrawals from a TFSA are generally tax-free. Plus, having a TFSA does not impact federal benefits and credits. It's a great way to save for short and long-term goals.

To learn all the facts, go here: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/menu-eng.html

Source: Canada Revenue Agency


Registered Retirement Income Fund (RRIF)

A registered retirement income fund (RRIF) is an arrangement between you and a carrier (an insurance company, a trust company or a bank) that we register. You transfer property to the carrier from an RRSP, an RPP, an SPP, or from another RRIF, and the carrier pays you a minimum amount each year.

The minimum amount must be paid to you in the year following the year the RRIF is entered into. Earnings in a RRIF are tax-free and amounts paid out of a RRIF are taxable on receipt.

You can have more than one RRIF and you can have self-directed RRIFs. The rules that apply to self-directed RRIFs are generally the same as those for RRSPs.

To learn all the facts, please contact us.

Source: Canada Revenue Agency


Registered Education Savings Plans (RESPs)

A registered education savings plan (RESP) is a contract between an individual (the subscriber) and a person or organization (the promoter).

Under the contract, the subscriber names one or more beneficiaries (the future student(s)) and agrees to make contributions for them, and the promoter agrees to pay educational assistance payments (EAPs) to the beneficiaries. For more information, see How an RESP works.

There are two different types of RESP available: family plans and specified plans.

To learn all the facts, please contact us.

Source: Canada Revenue Agency

 

What is an Annuity?

An annuity is a plan that makes payments to you on a regular basis. It might be a general annuity, a payment from a registered retirement income fund (RRIF), or a variable pension payment. These payments are part of your total income and must be reported on your tax return.

To learn all the facts, please contact us.

Source: Canada Revenue Agency