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Understanding Registered Education Savings Plans (RESPs) in Canada
Dive into the details of Registered Education Savings Plans (RESPs)! This guide covers how RESPs work, eligibility criteria, benefits, and government grants such as the Canada Education Savings Grant. Learn how to open an RESP and safeguard your child’s educational future.
The Henson Trust: Providing Financial Security for Those with Special Needs
The Henson Trust safeguards finances for those with disabilities, ensuring funds without losing government benefits. Born from a pivotal Canadian case, it offers trusted fund management and flexible savings. Dive in to secure a brighter future for special loved ones.
Insurance Planning
Insurance is often thought of as an optional extra in the area of personal and business finance – a “nice to have” which can offer protection if things go wrong but certainly not as an important asset in its own right. However, it’s true to say that intelligent insurance planning is a strategy which can protect the vital asset of your ability to earn an income – perhaps the most important asset that you have.
The Importance of a Financial Plan
Working with us to create your financial plan helps you identify your long and short term life goals.
Estate Planning for Business Owners
What happens when the children grow up and they are no longer dependent on their parents? What happens to your other “baby”- the business? Estate planning for business owners deals with the personal and business assets.
Tax Tips You Need To Know Before Filing Your 2022 Taxes
It’ll be time to file your 2022 taxes soon, and you must take advantage of every tax credit and deduction you can! Our article covers the following:
• Canada Workers Benefit.
• Claiming home office expenses.
• The tax deduction for zero-emissions vehicles.
• Return Of Fuel Charge Proceeds To Farmers Tax Credit.
• Eligible Educator School Supply Tax Credit.
Federal Budget 2023 Highlights
On March 28, 2023, the Federal Government released their 2032 budget. This article highlights the following financial measures:
• New transfer options associated with Bill C-208 for intergenerational transfer.
• New rules for employee ownership trusts.
• Changes to how the Alternative Minimum Tax is calculated.
• Improvements to Registered Education Savings Plans.
• Expanding access to Registered Disability Savings Plans.
• Grocery rebate.
• Deduction for tradespeople tool expenses.
• Automatic tax filing.
• New Canadian Dental Care Plan.
Tax Free Savings Account
A Tax Free Savings Account can be an effective way to save for the future, even for those who are only able to save a little every year, as your savings will grow more quickly due to the fact that you do not pay any tax on the earnings.
TFSA versus RRSP – What you need to know to make the most of them in 2023
When looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $6,500 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $30,780. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.
Understanding the Registered Disability Savings Plan
The federal government implemented the Registered Disability Savings Plan on December 1, 2008. The RDSP is a savings plan designed specifically for people with disabilities in Canada.
In the infographic, we highlight the key points of the RDSP.
