An RESP is a great way to save for a child’s or grandchild’s post-secondary education, up to a lifetime total of $50,000 per child.  Any investment income that’s earned within the plan is not taxed until it’s withdrawn.

In addition to tax-deferred growth, the federal government will automatically contribute a Canada Education Savings Grant (CESG) of 20% of what you put in, up to a lifetime maximum of $7,200 for each child. For eligible families, the federal government also provides Canada Learning Bond (CLB) with a maximum of $2,000. BC government provides British Columbia Training and Education Savings Grant (BCTESG) of $1,200 as well.

RRSP – Registered Retirement Savings Plan

This plan helps you to save money for your retirement. Anyone under 71 years old with employment income is eligible.

An RRSP offers multiple tax advantages: not only can you invest money tax-free, you can also deduct all contributions from your taxable income to become eligible for a tax refund.

RRSP Loans

If you are temporarily short on cash and can’t contribute to your registered retirement savings plan (RRSP), an RRSP loan may be just the thing for you. In fact, the money you receive from your tax return and investments might even cover the cost of the loan.

This way, you can continue to contribute to your RRSP or increase your contributions, no matter your financial situation. What’s more, if you use your tax return towards payment of your loan balance, the loan will be repaid more quickly.

TFSA – Tax-Free Savings Account

Available to anyone 18 years or older, the TFSA is a unique savings account that allows you to grow your savings on a tax-free basis for a personal project. An extremely flexible savings vehicle, you may withdraw funds whenever you want without a tax penalty.

Non-Registered Savings Plan

This plan works like a personal savings account. It allows you to save money for a project or to grow your retirement income if you have reached your maximum RRSP and TFSA contribution limits. You get a higher return than on your bank account and have access to our different investment funds.